Emaar the economic city company (Emaar EC) announced today on tadawul signing an agreement with Huta-marine Company to acquire part of its share in Port Development Company PDC by converting the SAR 1bn loan provided by EEC to PDC into ownership interest.

This transaction increases EEC’s share in PDC from 34% to 74% and which will be later adjusted to 50% when Huta-marine increases its share by raising the company’s capital to SAR 5.2m.

EEC has also signed another agreement with PDC for selling the remaining King Abdullah’s port lands to PDC, thereby the total land area sold to PDC has become 14.6m square meters at a total price of SAR 1.15bn.

PDC is a closed joint stock company responsible for the development of King Abdullah port.

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