4220 · 28/11/2024 15:34:07 · Announcement #83902 · View on Saudi Exchange

Emaar The Economic City Announces the Lease of Land in the amount of The total value of the lease agreement is SAR 88,683,289.

Element ListExplanation
Introduction Emaar, the Economic City announces the signing of a lease agreement for a land in the Special Economic Zone located in the Industrial Valley.
Transaction Details The transaction includes the signing of a lease agreement for a land in the Special Economic Zone located in the Industrial Valley in King Abdullah Economic City for constructing and operating a tyre manufacturing plant, for a lease term of twenty years.
Transaction Amount The total value of the lease agreement is SAR 88,683,289.
Transaction Conditions The transaction includes signing a land lease agreement in the Special Economic Zone located in the Industrial Valley, King Abdullah Economic City, for a lease term of twenty years.
Parties of the Transaction Lessor: Emaar, the Economic City.

Lessee: the MENA Tyre Company. Date of Entering Into The Transaction 2024-11-28 Corresponding to 1446-05-26 Description of Activity of The Asset Subject of The Transaction Land in the Special Economic Zone located in Industrial Valley. Transaction reasons Utilizing available assets to enhance the Company's revenue streams. Expected Impact of the Transaction on the Company and Its Operations The Company will commence recognizing revenue starting from the fourth quarter of 2024, in accordance with the lease agreement’s terms and conditions and applicable financial reporting standards. Related Parties The Public Investment Fund (PIF), which owns 25% of the shares in Emaar, the Economic City, and also has ownership in MENA Tyre Company.

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