Emaar EC is in strong financial position, says CEO

16/11/2016 Argaam

Emaar the Economic City (Emaar EC), the developer of King Abdullah Economic City (KAEC), is in a strong financial position, Fahd Al Rasheed, chief executive told Bloomberg in a television interview.

 

“We have built a strong financial position… All banks believe in the strong business model behind the project,” he added referring to KAEC.

 

He said over the past 12 months, the developer secured more than $1.5 billion and another $900 million in debt to go for the port development.

 

Asked if KAEC was going to the debt markets again, he said: “We have too much cash, we will probably lend money.”

 

Al-Rasheed said Emaar EC is undertaking 40 tourist projects, including 10 hotels and entertainment sites in the kingdom.

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