Friday, 29 March 2024

Emaar The Economic City sells land to Seer National for SR359 mln to establish electric car factory

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Emaar, The Economic City, announced on Tuesday the sale of an industrial plot to CEER National Automotive Company, the first Saudi Electric Vehicle brand, to build an automotive specialized factory that will manufacture electric vehicles. The transaction value is SR359,036,100
It explained that this deal is required to pay its value in instalments within 15 years as part of the company’s main activity.
According to the company’s announcement published on Tadawul, the statement of the book value of the asset is SR19 million, and the company will start recognizing revenue starting from the fourth quarter of 2022, in accordance with the terms and conditions of the contract and applicable financial reporting standards.
The proceeds will be directed mainly towards the development of the project’s infrastructure, operational working capital and the fulfilment of certain financial obligations.
Each of the Chairman of the Board of Directors, Fahad AlSaif, and the member of the Board of Directors, Majed AlSorour, has an indirect interest in this contract, as they are representatives of the Public Investment Fund, the majority shareholder in the Sir National Motor Company, as the parties to the deal are as follows:
1) Emaar the Economic City (Seller)
2) CEER National Automotive Company. (buyer)
It is worth noting that Sir National Motor Company is “the first Saudi brand for the manufacture of electric cars.”

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