Saudi’s Emaar the Economic City (EMAAR EC) has had its capital increase approved by the kingdom’s Capital Market Authority, it said in a statement to the Saudi Stock Exchange Tadawul.

The company announced the proposed increase in May, to convert debt and owe SAR 2.833 billion ($756 million) to the Saudi Public Investment Fund (PIF).

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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