Maisahem of Emaar approves new Board and 1B riyals financing

The Board of Directors of Emaar The Economic City approved the election of a new Board of Directors for the upcoming term and the ratification of a financing agreement with the Public Investment Fund valued at one billion Riyals, during its first meeting held through modern technological means with a legal quorum of 82.54%. The meeting included deliberations and approval of the financial statements for the year ending December 31, 2025, as well as approval of financing arrangements that involved restructuring the shareholder’s loan and adding a convertible loan of one billion Riyals, with an option to convert the debt into shares to support its financial structure. Additionally, Ernst & Young was appointed as the auditor until the first quarter of 2029, and the former chairman was authorized to work in a competing activity, along with granting the board the powers related to financial arrangements.

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