Emaar The Economic City sells plot to Saudi investors for $98m to create industrial hub – The National

Emaar The Economic City sells plot to Saudi investors for $98m to create industrial hub – The National

Emaar The Economic City, the developer of the King Abdullah Economic City (KAEC) in Saudi Arabia, has sold an undeveloped industrial plot to a group of buyers, including a subsidiary of the Public Investment Fund, for 366.77 million Saudi riyals ($97.78 million) to create an industrial logistics hub.

The other buyers of the land are Dar Al Himmah Projects, Zamil Group Real Estate Company and Abdullah Ibrahim Alkhorayef Sons, the developer said on Sunday in a statement to the Tadawul stock exchange, where its shares are traded.

The investors will "develop all secondary infrastructure and create industrial logistics hub in the special economic zone", the statement said.