Emaar The Economic City Announces Sale industrial plot in the value of 366,766,203.12 SAR
| Element List | Explanation |
|---|---|
| Introduction | Emaar The Economic City Announces the sale of an undeveloped industrial plot to:
-Dar Al Himmah Projects Co. Ltd. - PIF subsidiary -Zamil Group Real Estate Company -Abdullah Ibrahim Alkhorayef Sons Co.
To develop all secondary infrastructure and create industrial logistic hub in the Special Economic Zones “SEZ”. |
| Transaction Details | Emaar The Economic City Announces the sale of an undeveloped industrial plot with:
-Dar Al Himmah Projects Co. Ltd. - PIF subsidiary -Zamil Group Real Estate Company -Abdullah Ibrahim Alkhorayef Sons Co.
To develop all secondary infrastructure and create industrial logistic hub in the Special Economic Zones “SEZ”. |
| Transaction Value | 366,766,203.12 SAR |
| Transaction Terms | Payments over 2 years |
| Parties of the Transaction | Emaar the Economic City with
-Dar Al Himmah Projects Co. Ltd. - PIF subsidiary -Zamil Group Real Estate Company -Abdullah Ibrahim Alkhorayef Sons Co. |
| Transaction Funding Method | Payments over 2 years |
| Transaction Execution Date | 2023-06-22 Corresponding to 1444-12-04 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Undeveloped industrial plot |
| Asset Book Value | SR 16.4 Million (Historic Cost) |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not Applicable |
| Transaction reasons | Within the company's main business. |
| Expected Impact of the Transaction on the Company and Its Operations | The company will commence recognizing revenue starting from 3rd quarter 2023, in accordance with terms and condition of contract and applicable financial reporting standards. |
| Details of Using The Proceeds of the Asset Sale | The proceeds will be directed primarily towards the development of infrastructure, operational working capital and the fulfillment of certain financial obligations. |
| Related Parties | Public Investment Fund (PIF) |
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