The Clap
Emaar EC’s (4220) General Assembly approved contracts related to a SAR 1 billion term loan facility agreement signed between the company and the PIF during the past year.
What
The General Assembly approved the sale of industrial land to establish and operate a car manufacturing and assembly facility with all supporting services worth SAR 359.04 million (without preferential conditions).
So What
Last November, Emaar EC signed a contract to sell industrial land in King Abdullah Economic City to CEER, the first Saudi company to manufacture electric cars, to build a factory specialized in the manufacture of EVs in KSA.
Now What
CEER is looking to manufacture a variety of sedans and four-wheel drive cars with advanced technologies, while actual production is expected to start in 2025.
