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Emaar, The Economic City Announces the Results of the Extraordinary General Assembly Meeting (First Meeting).
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Emaar, The Economic City is pleased to announce the results of the Extraordinary General Assembly Meeting (First Meeting). |
| City and Location of the General Assembly's Meeting | Via modern technology means (Virtually). |
| Date of the General Assembly's Meeting | 2024-06-25 Corresponding to 1445-12-19 |
| Time of the General Assembly’s Meeting | 18:30 |
| Percentage of Attending Shareholders | 66.27% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following Board members attended the meeting: 1. Mr. Fahad A. AlSaif (Chairman). 2. Mr. Jamal M. Bin Theniyah (Vice-Chairman). 3. Mr. Mansour A. Alsalem. 4. Eng. Mohammed N. Hefni. 5. Mr. Arif A. Albastaki. 6. Mr. Osama O. Barayan. 7. Mr. Hesham A. Heikal. The following Board Members were absent from the meeting: 1- Mr. Fahad K. Alsaud. 2- Mr. Naif S. Al-Hamdan. |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | The following committee Chairmen attended the meeting: 1. Mr. Fahad A. AlSaif (Executive Committee Chairman). 2. Mr. Osama O. Barayan (Audit Committee Chairman). 3. Mr. Arif A. Albastaki (Nomination and Remuneration Committee Chairman). |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. The Board of Directors' report for the fiscal year ending on 31 December 2023 was reviewed and discussed. 2. The financial statements for the fiscal year ending on 31 December 2023 were reviewed and discussed. 3. Approval of the external Auditors report for the fiscal year ending on 31 December 2023 after discussing it. 4. Approval of the payment of SAR 2,696,712 as remunerations for the Board members for the fiscal year ending on 31 December 2023. 5. Approval of amending the Remuneration and Nomination Committee Charter. 6. Approval of amending the Remuneration Policy for Board of Directors, Board Committees & Executives Management. 7. Approval of absolving the Board of Directors members from their liabilities pertaining to the management of the Company for the fiscal year ended on December 31, 2023. 8. Approval of the payment of SAR 660,000 as attendance fees for the Executive Committee, Audit Committee, and Remuneration and Nomination Committee members for the fiscal year ending on 31 December 2023. 9. Approval of amending Article (21) of the company’s Bylaws regarding Powers of Chairman, Vice Chairman, Managing Directors, and Secretary. 10. Approval of amending Article (23) of the company’s Bylaws regarding Board of Directors Quorum. 11. Approval of re-arranging and re-numbering of the articles of the company's bylaws to be in-line with the recommended amendments in the above items. 12. Approval of amending the Audit Committee’s Charter. 13. Approval of the Competition Standards and Procedures for Members of the Board, Committees and Executive Management. 14. Approval of the business and contracts that was conducted with Albilad Tourism Fund (‘the Fund”) for the sale of a beachfront land plot in Murooj Golf Community District, King Abdullah Economic City (KAEC) in return for the acquisition of units in the Fund amounting to SAR 269.2 million, representing 41.15% of the Fund’s equity where (former) Board member Mr. Qusai A. Al Fakhri has indirect interest as he is the CEO in the Tourism Development Fund (a party of the framework agreement by which the Fund was formed). In accordance with the terms outlined in the framework agreement. However, it has been executed under standard commercial terms without preferential benefits. 15. Approval of the business and contracts that was conducted with Dar Al Himmah Projects Co. Ltd one of the Public Investment Fund's (PIF) subsidiaries, regarding the sale of industrial land contract in KAEC Special Economic Zone (SEZ) for a contract amounting to SAR 366.8 million where Board members Mr. Fahad AlSaif (Chairman) and Mr. Naif Al-Hamdan (Board Member) have an indirect interest in this contract, as they are senior executive and executive (respectively) in the Public Investment Fund. In accordance with the terms outlined in the sales contract. However, it has been executed under standard commercial terms without preferential benefits. |
| Additional Information | The Board of Directors of Emaar, The Economic City would like to thank all the respected shareholders for their participation and attendance of the Extraordinary General Assembly Meeting (First Meeting). |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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