Emaar EC increases PPMDC ownership to 50%

31/03/2015 Argaam
Emaar Economic City’s extraordinary general assembly approved on Tuesday the unrequited waiver of a land plot and increased its ownership at the Ports Projects Management and Development Company (PPMDC) to 50 percent, the company said in a statement to Tadawul.
 
The company said that the assembly has approved unrequited waiver of a land plot within the boundaries of the Economic City to the Technical and Vocational Training Corporation on an area of 300,000 square meters to build the first phase of the technical and vocational training colleges complex, facilities and affiliations. 
 
The assembly also approved the conversion of a SAR 1 billion loan submitted to PPMDC to develop the port into shares within the same company, which has contributed to increasing Emaar Economic City’s stake to 50 percent.

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