Emaar The Economic City (Emaar EC) has awarded an infrastructure development contract for Industrial Valley and the Special Economic Zone to Nesma and Partners Contracting Company, following an evaluation and updated project feasibility assessment.

The contract is valued at 547.3 million Saudi riyals ($145.86 million), the developer said in a statement to the Saudi stock exchange on Tuesday.

The contract includes infrastructure development of areas within the Industrial Valley and the Special Economic Zone at King Abdullah Economic City, including phase 1 of the King Salman Automotive Cluster.

These areas are partially developed and require completion of key infrastructure works to support existing tenants and meet contractual obligations, the statement said.

The contract timeline was not provided.

The Public Investment Fund (PIF), which owns 55.55 percent of Emaar EC, holds a 30.1 percent stake in Nesma and Partners.

(Editing by Anoop Menon)(anoop.menon@lseg.com)

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