Saudi Capital Market Authority (CMA) has slapped Emaar The Economic City with a SAR 100,000 fine for regulatory violations, the CMA said in a statement Tuesday.
The developer reportedly failed to get the go-ahead from shareholders concerning the signing of two deals with Al Arabia Maintenance & Spare Parts Co. on January 22, 2017.
The issue also raised concerns of conflict of interest since an Emaar EC board member reportedly owns a direct 80 percent stake in Al Arabia.
Tadawul-listed Emaar EC first announced in January that it awarded the two contracts to Al Arabia at a total value of SAR 51.3 million, Argaam earlier reported.
Write to Reem Abdellatif at reem.a@argaam.com
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