Riyadh - Sharikat Mubasher: Emaar The Economic City (EEC), the master developer of King Abdullah Economic City (KAEC), signed a lease agreement worth SAR 175 million ($46.7 million) with Hyundai Motor Manufacturing Middle East for land in the Special Economic Zone located at the Industrial Valley in KAEC.
In a statement, the company revealed that the land will be allocated for the construction and operation of a vehicle and vehicle parts manufacturing and assembly facility, for a lease term of 20 years.
This move came as part of EEC’s strategy to enhance its revenue streams. The company will commence recognizing revenue starting from the fourth quarter (Q4) of 2024, in accordance with the lease agreement’s terms and conditions and applicable financial reporting standards.
It is worth noting that the Public Investment Fund owns a 25% stake in the EEC, the master planner, primary infrastructure developer, enabler, and facilitator of KAEC.
