(MENAFN) The Economic City revealed in a report that the Public Investment Fund has finished obtaining Emaar.
The supreme wealth financial support is a key investor in the firm with a 25 percent share as part of the investment pact.
Emaar EC moved a division of its credit, around USD746,6 million, from the Ministry of Finance to the PIF exchanging corporation stakes.
The pact is going to “provide an opportunity to leverage synergies between EEC and PIF’s ecosystem in the real estate, manufacturing, logistics, and tourism sectors,” the financial support included in a report.
Official of PIF’s domestic property division stated, “Our investment in EEC aligns with our broader 2021-2025 strategy, which aims to build strategic economic partnerships through PIF and unlock the capabilities of promising sectors in the Kingdom, including transportation, logistics, real estate and tourism.”
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