Emaar The Economic City signs share subscription deal with Saudi PIF

Emaar The Economic City signs share subscription deal with Saudi PIF

Riyadh - Mubasher: Emaar The Economic City has entered into a share subscription agreement with Dayim Modern Real Estate Management Company, ME Royal Capital LLC, ME Partners Capital LLC, ME Strategic Investments LLC, ME Holdings LLC, Emaar Middle East LLC, and the Public Investment Fund (PIF).Emaar said discussions are ongoing between the Ministry of Finance (MoF) and the PIF regarding novation of part of the loan due to MoF pursuant to the loan agreement concluded on 23 May 2011 and amended on 4 June 2015 with MoF to PIF at a total value of SAR 2.833 billion, according to a bourse filing on Tuesday.Under the subscription deal, the PIF will enter as an investor in Emaar through the issuance of 283,333 million new shares in Emaar, at the nominal value