Knowledge Economic City Announces the Obtaining of a Sharia Compliant Financing

KECTadawulJune 18, 2026View on exchange

AI Summary

Knowledge Economic City secured SAR 150 million in Shariah-compliant financing from Riyad Bank on June 17, 2026.
The facility will fund the construction of Clusters 1 and 2 within Phase 1 of the Islamic World District Project (IWD).
The financing has a duration of one year and is secured by land mortgages and promissory notes.

Element List	Explanation
Introduction	The Knowledge Economic City Company (the "Company") announces that it has secured a Shariah-compliant financing of SAR 150 million from Riyad Bank. The facility will be utilized as project financing for the construction works of Cluster 1 and 2 of Phase 1 of Islamic World District Project – IWD.
Date of obtaining the funding	2026-06-17 Corresponding to 1448-01-02
Financing entity	Riyad Bank
Financing amount.	Total amount of SAR 150 million to be utilized according to the Project need
Financing duration.	One year.
Guarantees offered for the financing	Lands mortgage & promissory notes
Financing objective	Project financing for the execution of construction works of Cluster 1 and 2 of Phase 1 of Islamic World District Project – IWD.
Related Parties	None