Emaar The Economic City Announces Sale of Industrial Plot for SAR 366,76

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. in order to develop all secondary infrastructure and create industrial logistic hub in the Special Economic Zones “SEZ”.

The company said that the transaction funding method will be in payments over 2 years.

The company will commence recognizing revenue starting from the 3rd quarter of 2023, in accordance with the terms and conditions of the contract and applicable financial reporting standards.

The proceeds will be directed primarily towards the development of infrastructure, operational working capital and the fulfillment of certain financial obligations, it explained.

The asset book value will be SAR 16.4 million (Historic Cost).