Emaar EC shareholders approve commercial contracts

Emaar The Economic City (Emaar EC) has approved contracts inked with Emaar Properties’ Rove Hotels and Amlak International during the company’s ordinary general meeting held on Dec. 21, 2017, the company said in a statement to Tadawul.

Shareholders approved a 20-year management contract inked with Rove Hotels, a joint venture between Emaar Properties and Meraas Holding, to operate a hotel in King Abdullah Economic City for 1.75 percent of proceeds and between 0 percent and 8 percent of operating profit.

They also endorsed contracts signed with Amlak International For Real Estate Finance to sell residential units.

Moreover, shareholders approved updated policies for board membership, the remuneration policy for board members and executives, as well as updated regulations for audit, nominations, and remunerations committees.