Emaar the Economic City (EMAAR EC) has sold an industrial plot to Saudi Arabian electric vehicle company CEER to build a specialised automotive factory.

The SAR 359 million ($95 million) sale, to be paid over 15 years, was announced in a statement to the Saudi Stock Exchange (Tadawul).

No location for the plot was given, but the statement said it is a partially developed industrial plot, and noted an asset book value of SAR 19 million.

The company, which reported a loss of $58.4 million in Q3 2022, said it would start recognising revenue from the sale in Q4 2022.

“Proceeds are primarily to be directed towards developing the project’s infrastructure, operational working capital and to meet certain financial obligations,” the EMAAR EC statement said.

EMAAR EEC is the master planner and developer of King Abudullah Economic City, north of Jeddah.

CEER, the kingdom’s first electric vehicle company, was launched earlier this month.

(Writing by Imogen Lillywhite; editing by Seban Scaria)