Riyadh – Mubasher: Emaar The Economic City Company signed two contracts worth SAR 51.3 million with related parties, said a bourse filling.

The first contract worth SAR 32.5 million for the implementation of infrastructure works and power grid, irrigation, water, wastewater, fiber optics and roads network in GC5.

The second contract value stands at SAR 18.8 million for implementation of infrastructure works and power grid, irrigation, water, wastewater, fiber optics and roads network in Al Talah Gardens 3.

The duration of each contract is 18 months, noting the existence of direct ownership in this company by a member of the Board of Directors of Emaar, The Economic City, Mohammed bin Yousuf Naghi (related parties), who owns 80% of the Al Arabia Maintenance & Spare Parts Co.