Riyadh – Mubasher: Emaar The Economic City has obtained the Capital Market Authority’s (CMA) approval to increase its capital through debt conversion on Sunday, 1 August.

The company will convert a SAR 2.83 billion loan owed to the Public Investment Fund (PIF), being the creditor, to ordinary shares in Emaar The Economic City, according to a bourse filing on Monday.

The listed firm will complete the procedures of holding the extraordinary general assembly in coordination with the relevant authorities and will announce any developments at a later time.

Last May, the company’s board recommended a capital increase worth SAR 2.83 billion to endorse liquidity, credit position, and ability to achieve growth objectives.