Riyadh – Mubasher: Emaar The Economic City announced the results of its ordinary general meeting (OGM) held on 22 June 2026, where shareholders approved a significant SAR 1 billion convertible loan agreement with the Public Investment Fund (PIF).
The meeting, conducted via modern technology from the company’s headquarters in King Abdullah Economic City, saw an 82.54% attendance rate.
Beyond the financing agreement, the assembly ratified the financial results for 2025, elected a new Board of Directors for a four-year term, and addressed several governance and competitive interest matters.
A primary focus of the assembly was the approval of transactions and contracts with the Public Investment Fund, a major shareholder in Emaar Shareholders greenlit an amendment and restatement of the existing shareholder loan agreement, which introduces an additional convertible loan valued at SAR 1 billion.
Under the terms of this agreement, the PIF maintains the right to convert this debt into equity shares within the company.
The disclosure noted indirect interests in this transaction for former Chairman Fahad Al-Saif, current board member Naif Al Hamdan, and former board member Mansour Al-Salem, due to their executive roles within the PIF.
The assembly also concluded the election of the Board of Directors for the upcoming cycle, which is scheduled to begin on June 26, 2026, and run until June 25, 2030. The newly elected board includes Muhannad Qussai Al-Azzawi, Naif Saleh Al-Hamdan, Mohammed Nabil Hefni, Fahad Khalid Al-Saud, Khalid Mansour Al-Salman, Fahad Saleh Al-Hathlool, Abdulrahim Abdullah Al-Tuwaijri, Mustafa Akram Abu Qabaa, and Pawan Dhanraj Shindalia.
Prior to this new term, the assembly ratified the appointments of Muhannad Qussai Al Azzawi and Khalid Mansour Al Salman to fill vacancies for the remainder of the current term ending 25 June 2026.
Financial governance was another key pillar of the meeting. Shareholders approved the Board of Directors’ report and the consolidated financial statements for the fiscal year ending 31 December 2025. In line with these results, the assembly approved a total remuneration of SAR 2.70 million for board members for the 2025 fiscal year and discharged the board from liability for the same period.
Regarding external auditing, the assembly approved a request to increase the 2025 audit fees by SAR 388,813, bringing the total adjusted fees for that year to SAR 5.07 million.
For future periods, Ernst & Young (EY) was appointed as the company’s external auditor. The firm will be responsible for reviewing and auditing financial statements for the second and third quarters of 2026, the full fiscal years of 2027 and 2028, and the first quarter (Q1) of 2029. The total fees for this multi-year engagement were set at SAR 5.30 million.
In a notable governance decision, the assembly authorized former Chairman Fahad Al-Saif to engage in a competing business through his membership on the board of NEOM.
The company identified NEOM as a competitor to King Abdullah Economic City due to its large-scale development focus on infrastructure, logistics, and tourism in the Kingdom’s northwest. Finally, the board was granted the authority of the Ordinary General Assembly for one year, in accordance with the Companies Law.
