Emaar, the Economic City, has signed a contract worth SAR 547.4 million with Nesma & Partners for Contracting to carry out infrastructure network construction works within the economic zone in the Industrial Valley of King Abdullah Economic City.

According to the company's statement on Tadawul today, the project includes infrastructure works for the first phase of King Salman Automotive Complex, located within the special economic zone in King Abdullah Economic City, in addition to other strategic projects within the Industrial Valley. The project involves implementing main infrastructure works to support current customers and meet contractual obligations.

The company stated that the contract execution period is 18 months, expecting the financial impact of the contract to reflect on its financial results starting from the third quarter of 2026.

Emaar added that the Saudi Public Investment Fund, a major shareholder in Emaar, the Economic City, also owns a 30.1% stake in Nesma & Partners for Contracting, considering it a related party.

Emaar, the Economic City, is the master developer of King Abdullah Economic City, one of the most important and largest city development projects managed by the private sector in the world, spanning 185 million square meters on the Red Sea coast north of Jeddah, with a current capital of SAR 8.8 billion.

King Abdullah Economic City serves as a ready platform for business and investment, acting as a key driver for development in the Kingdom and a major contributor to enhancing Saudi Arabia's non-oil economy.

King Salman Automotive Complex

The King Salman Automotive Complex forms a major hub for local and global companies in the automotive sector, most notably the factory of Ceer, the first Saudi electric vehicle brand, and Lucid Motors, which opened its first international plant in King Abdullah Economic City in 2023, alongside several joint ventures of the Fund with global manufacturers, including Hyundai Motor to establish a highly automated car manufacturing plant in the Kingdom, and a joint venture agreement with Pirelli to set up a tire factory in Saudi Arabia.

The complex aims to create ideal investment opportunities for the private sector and participate in developing promising sectors in Saudi Arabia, which are expected to contribute more than SAR 92 billion to non-oil GDP by 2035, positively impact the balance of payments, create direct and indirect job opportunities, support local industry, and increase the Kingdom's exports regionally and globally, reflecting positively on the balance of payments.