“United Mining” signs an agreement to allocate land in Yanbu Industrial City

Last Wednesday, United Mining Industries Company signed a conditional investment agreement to allocate land in Yanbu Industrial City with an area of ​​35,920.78 square meters with the Royal Commission for Jubail and Yanbu for the purpose of serving the company’s expansion plans.
The company said in a statement on Tadawul Saudi Arabia: The company will submit, during the term of the agreement, which is specified for one Hijri year from the date of signing, the engineering plans and specifications for exploiting the land according to the specified timetable (implementation plan), obtain the required licenses from the concerned authorities, including service providers, and fulfill all requirements of the regulations. Environmental reporting to the Royal Commission and submission of monthly reports throughout the duration of the agreement until the completion of construction work.
She noted that the Authority, after approving the final engineering plans, concluded the investment agreement to lease the land to the company.
The rental value of the space is (161,643.51) riyals for each Hijri contractual year, noting that the land will be free of charge during the term of this agreement (for one year).
She stated that the duration of the contract is 12 months from the date of signing the agreement.
She advised disclosing the financial impact and any future fundamental developments in a timely manner in accordance with the relevant regulations.