PHOTO
Emaar The Economic City (Emaar EC) has signed a contract to sell an undeveloped industrial plot to a joint venture of Dar Al Himmah Projects Company, a Public Investment Fund (PIF) subsidiary; Zamil Real Estate Company and Abdullah Ibrahim Alkhorayef Sons Company for 366.76 million Saudi riyals ($97.77 million).
The land will be used to develop all secondary infrastructure and create an industrial logistics hub in the Special Economic Zone (SEZ) on the Red Sea coast, Emaar EC said in a statement to the Saudi stock exchange on Sunday.
The land payment will be made over two years.
Emaar EC will use the proceeds to develop infrastructure, operational working capital and repay certain financial obligations.
The company will commence recognising revenue starting from the third quarter of 2023, the statement said.
(Writing by D Madhura; Editing by Anoop Menon)
