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 Emaar Economic City, said in an interview in Dubai on Sunday.

"Our business plan doesn't call for more than a billion riyals," he said.