Saudi Arabia’s public joint-stock company, Emaar-The Economic City – which is implementing the modernisation megaproject of the King Abdullah Economic City (KAEC) situated 90km off the northern area of Jeddah city on the Red Sea Coast – has appointed Ahmed Yousef Boshnak as Managing Director. The decision was announced after a meeting of the company’s Board of Directors, which was held on 12 January 2021. Boshnak has taken over as the managing director, effective 12 January, for a period of six months, which can be “extended for a similar period,” according to the Tadawul listing. In September 2020, Saudi Arabia’s Public Investment Fund (PIF) entered as an investor into Emaar EC through the issuance of 283,333 million new shares in Emaar, at the nominal value of SAR10 per share, against the entire debt owed by Emaar to PIF, through a share subscription agreement. The share subscription deal comprised a number of companies, including several limited companies including 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 region's Public Investment Fund (PIF). Emaar-The Economic City’s business includes land and real estate development in private...read more...
Source"MEP Middle East"