12 March 2024 –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 Mr. Mansour A. Al Salem, MD and BOD Member of EEC, Mr. Cyril Piaia, CEO of EEC, and Mr. 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.
The strategic investment move by the MYN Group is aimed at increasing their investments in KAEC and underscores the rapid development and growth KAEC has witnessed, solidifying its status as a prime destination for businesses and third-party developers.
Mr. Mansour A. Al Salem, MD and BOD Member of EEC, emphasised the strategic importance of attracting third-party developers and investors to drive development at KAEC. “The agreement with the MYN Group underscores our dedication to fortifying strategic partnerships with 3rd 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.” he added.
Mr. 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.”
