Emaar unit looking to raise 1b riyals for Saudi project

[DUBAI] Emaar Economic City plans to raise one billion riyals (S$333.2 million) to help finance construction of the King Abdullah Economic City and will spend 13 billion riyals developing the Saudi Arabian project over the next four years.

The company, a unit of Dubai-based Emaar Properties PJSC, expects to arrange the loans from two or three banks before the end of 2016, Fahd Al Rasheed, chief executive officer of …