Emaar EC inks deals worth SAR 350 mln to develop properties

03/06/2015 Argaam

Emaar the Economic City (Emaar EC) said in a bourse statement on Wednesday that it has signed agreements with Alhokair Group for Operations and Maintenance, as well as Project Management & Development Company Limited (PMD) at a combined value of SAR 350 million.

 

Emaar EC signed a SAR 100 million agreement with Alhokair Group to develop a four-star hotel in King Abdullah Economic City (KAEC). The deal includes the land value of SAR 15.4 million. A joint venture will be also incorporated with a seed capital of SAR 1 million. Emaar EC will own a 40 percent stake in the new entity, while Alhokair will own the remaining equity.

 

Under the SAR 250 million agreement, which was signed with PMD, Emaar EC will develop a residential complex comprised of 288 units in KAEC. The deal includes the land value of SAR 47.8 million. PMD and Emaar EC will also establish a joint venture with a seed capital of SAR 1 million. Emaar EC will finance 20 percent from its cash resources, while the real estate firm will hold the remaining 80 percent stake.

 

The Tadawul-listed developer expects the deals made with both companies to bolster earnings and attract new investments.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.