The Public Investment Fund (PIF) and Emaar Economic City (EEC) announced today the completion of an investment transaction under which the Fund becomes a major shareholder in the company with a 25% stake.
The deal is in line with the fund's 2021\u20132025 strategy, which aims to build strategic economic partnerships.
It will work to develop areas of cooperation between the company and the fund\u2019s portfolio companies, while the deal will contribute to improving the Kingdom\u2019s critical infrastructure and supporting economic development.
The Public Investment Fund (\u201cthe Fund\u201d) and Emaar Economic City (EEC) (\u201cthe Company\u201d) today announced the completion of an investment transaction under which the Fund becomes a major shareholder in the Company with a 25% stake, following the receipt of the necessary approvals.
The transaction was completed following the transfer of a portion of the loan that Emaar had received from the Ministry of Finance (worth 2.8 billion Saudi riyals) to the Public Investment Fund in exchange for the issuance of new shares in the company.
The deal will contribute to the development of various forms of cooperation between the company and the fund\u2019s portfolio of companies, particularly in the real estate, manufacturing, logistics, and tourism sectors, thereby enhancing the generation of attractive long-term returns for the fund and its shareholders.
The investment deal is expected to contribute to the development of Emaar Economic City (EEC) by strengthening the role of King Abdullah Economic City (KAEC) as a key enabler of social, economic, and tourism development in the Kingdom.
The investment deal will focus on maximizing and unlocking the potential of promising non-oil sectors, thereby supporting the Kingdom\u2019s efforts to diversify its sources of revenue, increase strategic and operational value, and improve essential infrastructure.
Commenting on the completion of the transaction, Eng. Ayman bin Mohammed Al-Mudayfer, Head of the General Department of Domestic Real Estate Investments at the Public Investment Fund, stated: \u201cWe are pleased with the completion of this transaction, which represents an achievement not only for the Fund and Emaar Economic City, but also contributes to strengthening the Saudi economy in line with the objectives of the Kingdom\u2019s Vision 2030.\u201d
He added, \u201dOur investment in Emaar is in line with the Fund\u2019s 2021\u20132025 strategy, which aims to build strategic economic partnerships through the Fund, while unlocking the potential of promising sectors in the Kingdom, including the transportation, logistics, real estate, and tourism sectors.\u201c.
For his part, Mr. Cyril Bayaya, CEO of Emaar Economic City (EEC)\u2014the master developer of King Abdullah Economic City\u2014stated: \u201d \u201cWe welcome the Public Investment Fund as a major shareholder in Emaar Economic City. This strategic partnership aims to strengthen King Abdullah Economic City\u2019s role as a platform for social and economic development in the Kingdom, in line with the objectives of Vision 2030.\u201d.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The Public Investment Fund (PIF) and Emaar Economic City (EEC) today announced the completion of an investment transaction in which PIF will become a major shareholder in the company with a stake of 25%. The transaction is in line with the Fund's 2021-2025 strategy to build strategic economic partnerships. It will develop synergies between the company and the Fund's portfolio companies, while the transaction will contribute to improving the infrastructure ... 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