Emaar The Economic City (EMAAR) shareholders approved increasing the company's capital by 68.74% through debt conversion at an extraordinary general assembly meeting, the company announced on December 23.

The meeting, held remotely at 6.30pm on December 22 using the Tadawulaty system from the company's headquarters in King Abdullah Economic City in Rabigh, achieved a 54.04% attendance rate.

Shareholders approved raising the company's capital from SAR5.23bn divided into 523,259,909 ordinary shares to SAR8.83bn divided into 882,929,905 ordinary shares.

The increase will be executed by converting SAR4.12bn in debt owed to the Public Investment Fund into 359,669,996 new ordinary shares with a total nominal value of SAR3.60bn.

The assembly approved terms of the debt conversion agreement signed between the company and PIF on September 7, 2024, and two supplementary agreements dated March 9, 2025, and August 26, 2025.

Shareholders authorised amendments to Article 7 of the company's bylaws concerning capital and Article 8 regarding share subscription. The meeting approved conflict of interest authorisation for board members Fahd Abduljalil Al Saif, Nayef Saleh Al Hamdan and Mansour Abdulrahman Al Salem, who work for PIF.

Board members delegated authority to undertake all necessary procedures to complete the debt conversion.

The assembly approved amendments to policies, standards and procedures for board membership and revisions to the audit committee charter.

Board members present included Chairman Fahd Abduljalil Al Saif, Vice Chairman Jamal Majed bin Thanyah, Mohammed Nabil Hefny, Osama Omar Bariyan, Nayef Saleh Al Hamdan, Mansour Abdulrahman Al Salem, Aref Al Harmi Al Bastaki, Fahd Khaled Al Saud and Hesham Ahmed Heikal.

Committee chairmen attending included Al Saif as executive committee chairman, Fahd Saleh Al Hathloul as audit committee chairman and Al Bastaki as nominations and remuneration committee chairman.