Emaar EC shareholders ratify SAR 113.5 mln lease contract with Lucid in KAEC

Logo of King Abdullah Economic City (KAEC)

Emaar The Economic City’s (Emaar EC) shareholders approved a 25-year development lease contract, worth SAR 113.5 million, with US electric vehicle (EV) manufacturer Lucid Group Inc. for a land plot in King Abdullah Economic City (KAEC), during the ordinary general meeting (OGM) held on June 9. 

In addition, they approved a five-year security services agreement, valued at SAR 60 million, with National Security Services Co. in KAEC, according to a bourse filing. 

Emaar EC said the company’s Chairman, Assim AlSuhaibani, and board member, Majed Al-Sorour, have indirect interests in the above-mentioned deals, with no preferential terms. 

Shareholders also approved the payment of SAR 2.9 million as remuneration for board members and discharged the board members from liability for 2021.

Meanwhile, they ratified the appointment of PricewaterhouseCoopers (PWC) as an external auditor to review and audit the company’s financial statements for Q2 and Q3 2022, as well as Q1 2023.