Emaar Economic City’s ordinary general assembly on Monday gave the go-ahead for a series of contracts, including land sales.
Among the approved decisions, the company gave the green light to sell a total area of 11,609,000 square meters to the Ports Projects Management and Development Company valued at SAR 760 million.
The company also hired KPMG as its auditor for fiscal year 2015, it added in a statement to Tadawul.
The assembly said it decided to sell an industrial land plot to Mohammed Yousuf Naghi Group, which is partially owned by Mohammed Yousuf Naghi, a member of Emaar EC’s board of directors.
In addition, the company agreed to sell residential land on an area of 2,847 square meters for SAR 14.229 million to Fahd bin Abdul Mohsen Al-Rasheed, a member of the board of directors.
Emaar EC will lease— with a promise to sell— industrial land to Dallah Trading at a rental value of SAR 10 per meter. The potential sale value will be set at SAR 300 per meters, or SAR 270 per meter, given that Dallah agrees to develop the area within two years of handover.
The assembly also approved the board of directors’ report and financial statements for the fiscal year ending on Dec. 31, 2014.
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