Emaar The Economic City Announces an update on Emaar the Economic City signs a framework cooperation agreement to support the development of the (Rixos Emerald Shores) resort project

Emaar The Economic City Announces an update on Emaar the Economic City signs a framework cooperation agreement to support the development of the (Rixos Emerald Shores) resort project

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|Introduction|| Reference to the previous announced framework cooperation agreement with Tourism Development Fund “FTG Development Company”, Albilad Investment Company and “Ekofine Holding BV”, EEC announces its entry into an agreement to sell a prime beachfront land plot in King Abdullah Economic City, Murooj Golf Community District, as in-kind contribution into Al Bilad Tourism Fund (CMA regulated Shari’ah-compliant close-ended private real estate investment fund). In return of the sale of the land, EEC will own units in the Fund for a value of SR 269,204,000 representing 41.15% of the Fund equity.

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The impact of the land sale and subsequent investment (holding of the units) is expected to be recognized in EEC financial results of Quarter one-2023 and onward.

The Fund strategy is to develop and operate the resort under Rixos Premium brand (all-inclusive luxury resort and waterpark, around 550 units with lifestyle retail and food & beverage offering), create value and exit at the planned maturity of 12 years.

The Resort is a testament of KAEC ability to attract mega investments by local and foreign investors, that will integrate with Saudi National Tourism vision and strategy, sponsored and supported by Tourism Development Fund.

The unique Resort expected to help create more than 700 direct