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FINANCIAL NEWS
Saudi Emaar to boost capital to USD1.39b
07 Jul 2014
(MENAFN) Emaar Economic City said shareholders of its Port Development Company subsidiary plan to boost its capital to USD1.39 billion to finance the expansion project of the Kingdom”s first privately-owned port, according to Arab News.
The rise in capital will bring the current holding of Emaar Economic City to USD693 million, or 50 percent stake.
The company also aims to strengthen the financials of the port company and facilitate funding ahead of the planned second phase of work on King Abdullah Enomic City port which includes upping capacity.
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