Emaar, the Economic City Announces the Results of the Extraordinary General Assembly’s Meeting, which included the Approval to Increase the Company’s Capital (First Meeting) through Modern Technology

23 December 2025 08:09 AM

EMAAR EC 4220 -1.53% 9.64 -0.15

Element List	Explanation
Introduction	Emaar, the Economic City (“the Company”) is pleased to announce the results of the Extraordinary General Assembly Meeting (First Meeting), which included an increase in the Company’s capital and was held at (6:30) pm on Monday 22 December 2025G corresponding to 02 Rajab 1447H through means of modern technology using Tadawulaty system.
City and Location of the Extraordinary General Assembly's Meeting	Through modern technology means at EEC's headquarter in KAEC - Rabigh.
Date of the Extraordinary General Assembly's Meeting	2025-12-22 Corresponding to 1447-07-02
Time of the General Assembly’s Meeting	18:30
Percentage of Attending Shareholders	54.04%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees	The following Board members attended the meeting: 1. Mr. Fahad A. AlSaif (Chairman). 2. Mr. Jamal M. Bin Theniyah (Vice-Chairman). 3. Eng. Mohammed N. Hefni. 4. Mr. Osama O. Barayan. 5. Mr. Naif S. Al-Hamdan. 6. Mr. Mansour A. Alsalem. 7. Mr. Arif A. Albastaki. 8. Mr. Fahad K. Alsaud. 9. Mr. Hesham A. Heikal.
Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf	The following Committee Chairmen attended the meeting: 1. Mr. Fahad A. AlSaif (Executive Committee Chairman). 2. Mr. Fahad S. AlHathloul (Audit Committee Chairman). 3. Arif A. Albastaki (Nomination and Remuneration Committee Chairman).
Voting Results on the Items of the General Assembly's Meeting Agenda's	First Item: Approving the increase of the Company’s share capital from five billion two hundred thirty-two million five hundred ninety-nine thousand ninety (5,232,599,090) Saudi Riyals, divided into five hundred twenty-three million two hundred fifty-nine thousand nine hundred nine (523,259,909) ordinary shares, to eight billion eight hundred twenty-nine million two hundred ninety-nine thousand and fifty (8,829,299,050) Saudi Riyals, divided into eight hundred eighty-two million nine hundred twenty-nine thousand nine hundred and five (882,929,905) ordinary shares, representing an increase of 68.74%, by converting the debt owed by the Company to the Public Investment Fund (in its capacity as creditor) (“the Fund”) in the amount of four billion one hundred eighteen million two hundred twenty-one thousand four hundred sixty-four Saudi Riyals and sixty-three halalas (4,118,221,464.63) into three hundred fifty-nine million six hundred sixty-nine thousand nine hundred ninety-six (359,669,996) new ordinary shares with a total nominal value of three billion five hundred ninety-six million six hundred ninety-nine thousand nine hundred sixty (3,596,699,960) Saudi Riyals (hereinafter referred to as the “Debt Conversion”). This includes approving the following: 1) The provisions of the Debt Conversion Agreement entered into between the Company and the Fund on 04/03/1446H (corresponding to 07/09/2024G), and its two addendum agreements dated 09/09/1446H (corresponding to 09/03/2025G) and 03/03/1447H (corresponding to 26/08/2025G). 2) Amending Article (7) of the Company’s Bylaws relating to Share Capital and Shares. 3) Amending Article (8) of the Company’s Bylaws relating to Subscription of shares. 4) The authorization of the interest of the conflicted Board members: (a) Fahad Abduljaleel Alsaif, (b) Naif Saleh Alhamdan, and (c) Mansour Abdulrahman Al-Salem, due to their employment by the PIF. 5) Authorizing the members of the Company’s Board of Directors to take all necessary actions to complete the Debt Conversion. Second Item: Approval of amending the Policies, Standards, and Procedures for the Board of Directors Membership in Emaar, the Economic City. Third Item: Approval of amending the Audit Committee Charter.
Additional Information	The Board of Directors of Emaar, The Economic City would like to thank all the respected shareholders for their participation and attendance of the Extraordinary General Assembly Meeting (First Meeting).

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