United Mining signs deal RCJY for land in Yanbu Industrial City

United Mining Industries Co. signed on Dec. 18 a conditional investment agreement with the Royal Commission for Jubail and Yanbu (RCJY) to allocate a land plot in Yanbu Industrial City for the company’s expansion plans.

 

 

The agreement duration for the 35,920 square meter (sqm) land plot will be one Hijri year from the signing date.

 

The company will provide engineering plans as well as the specifications for the monetization of the land according to the specified timeline (implementation plan). It will also obtain the required permits from the relevant authorities, including service providers’ approvals in addition to fulfilling all environmental regulations and submitting the monthly reports throughout the agreement period until the completion of construction works.

 

The RCJY, after approving the engineering plans, will sign the investment deal with a rental value at SAR 161,640 for every Hijri year, provided that the land will be provided free of charge during the term of this agreement.

 

The relevant financial impact and any future fundamental updates will be disclosed in a timely manner in accordance with the relevant regulations.

 

The agreement included no related parties, the statement added.