King Abdullah Economic City (KAEC) master developer Emaar, The Economic City has inked a contract worth $30.2 million with Public Investment Fund-backed Lucid Company, for the leasing of an industrial plot within the KAEC Industrial Valley.

As per the terms of the deal, Lucid Company will lease an industrial plot in KAEC Industrial Valley for a 25-year term, said the master developer in its filing to the Saudi bourse Tadawul.

During this period, it will construct and operate automotive manufacturing and assembly facilities at KAEC Industrial Valley and provide all ancillary services. There will be a financial impact for the contract period from 2022 to 2047, the firm explained.

Emaar, The Economic City chairman Assim Alsuhaibani and board member Majed Alsorour have an indirect interest in this contract, as they are the representatives of Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF), the largest investor in Lucid Company, the firm said.