Emaar EC to Reschedule Long-term Tawarruq Facility of USD 260.2 Million From SABB

Saudi-based Emaar the Economic City Co. (Emaar EC) announced that it has inked a rescheduling agreement with the Saudi British Bank (SABB) leading to the revision of terms of its SAR 976.25 million (USD 260.2 million) long-term Tawarruq financing facility.

Why it Matters?

The revised terms of the facility include a grace period and a repayment in semi-annual instalments from June 2023 until December 2029 (previously September 2014 to September 2021). The rescheduling is in aims to facilitate Emaar EC's cash flow position and enhance its ability to move forward with its growth plans.

Details

The amount rescheduled is a part of an original SAR 2 billion Saudi Riyals (USD 533.05 million) loan secured by Emaar EC, of which an amount...