Emaar, The Economic City, the master developer of Jeddah-based King Abdullah Economic City (KAEC), the largest privately-funded new city in the world, has signed a contract worth SR113.5 million ($30.2 million) with Lucid Company for the leasing of an industrial plot within KAEC Industrial Valley.
As per the deal, Lucid Company will lease an industrial plot in KAEC Industrial Valley for a 25-year term, said Emaar, The Economic City in its filing to the Saudi bourse Tadawul.
During this period, it will construct and operate automotive manufacturing and assembly facilities at KAEC Industrial Valley and also provide all ancillary services. There will be a financial impact for the contract period from 2022 to 2047, it stated.
The Emaar, The Economic City Chairman Assim Alsuhaibani and a board member Majed Alsorour have an indirect interest in this contract, as they are the representatives of Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF), the largest investor in Lucid Company.-TradeArabia News Service