The agreement envisions at advancing the growth and development of the megaproject - King Abdullah Economic City
Emaar, the Economic City (EEC), and Mohammed Yousuf Naghi Group (MYN GROUP) marked a key milestone by signing a Land Sales Agreement recently at the King Abdullah Economic City (KAEC) headquarters. During the signing ceremony, attended by key representatives, including Mansour A Al Salem, MD and BOD Member of EEC, Cyril Piaia, CEO of EEC, and Samir R Samara, Authorised General Manager, Executive Committee and Board Member of Arabian Spare Parts & Maintenance Company (ARSAMCO), a MYN Group company, both parties signed this agreement that reflects the growth of trust, strategic partnership and collaboration, aimed at advancing the growth and development of King Abdullah Economic City.
With Saudi’s real estate poised to experience a massive boom in 2024, the strategic investment move by the MYN Group is aimed at increasing their investments in KAEC. It also underscores the rapid development and growth KAEC has witnessed, solidifying its status as a prime real estate destination for businesses and third-party developers.
The agreement with the MYN Group underscores our dedication to fortifying strategic partnerships with third party investors that contribute to sustainable economic growth and development within KAEC. We are optimistic about the potential opportunities that this collaboration will unveil. As KAEC continues its path of sustained development within Vision 2030, such partnerships reflect the combined efforts that foster economic progress and prosperity in Saudi Arabia.
Mansour A Al Salem, MD and BOD Member of EEC
Samir Samara, Authorised Representative of the MYN Group, said, “We are delighted to sign this agreement and have our utmost confidence in KAEC. We believe that KAEC has immense potential in light of its rapid development, which led us to increase our investments in the city. We believe that this move will open up new avenues for mutual collaborations and will present opportunities for contributing to drive the region’s economy.”
