The Clap
Emaar EC (4220) signed a contract to sell industrial land to Ceer, the first Saudi manufacturer of EVs, to establish a factory in KSA.
What
Emaar EC estimates the value of the contract at around SAR 359.04 million, to be paid in installments over 15 years.
So What
According to Emaar EC, the deal is in line with the company’s strategy as revenues will be included starting from Q4 2022, while the Ceer project will bring in more than $150 million in FDI.
In addition, the deal is expected to provide up to 30,000 job opportunities, according to the PIF.
Now What
Ceer intends to manufacture a variety of sedans and SUVs with advanced technology and expects actual production to begin in 2025.
