Emaar The Economic City (Emaar EC) has signed a contract to sell an undeveloped industrial plot to a JV for 366.76 million Saudi riyals (US$97.77 million). The land will be used to create an industrial logistics hub in the SEZ on the Red Sea coast, Emaar EC stated in a statement. The JV include Dar Al Himmah Projects Co., Zamil Real Estate Co., and Abdullah Ibrahim Alkhorayef Sons Co., According to the statement, the company will commence recognizing revenue starting from the third quarter of this year.
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