Emaar Economic City losses increased by 348% last year due to lower project profits resulting from decreased residential real estate, industrial land and commercial property sales, Al-Eqtisadiah reported on March 27.
According to the company's statement on Tadawul, net losses reached SAR1.1bn ($293.3mn) during the period, compared to SAR253mn ($67.5mn) in 2023.
The company's revenues fell to SAR426mn ($113.6mn) during the period, declining 59% year-on-year from over SAR1bn.
Emaar Economic City, a Saudi joint stock company established in 2006 and listed on the Saudi Stock Exchange Tadawul since October 7, 2006, is responsible for developing King Abdullah Economic City and serves as the primary developer for this ambitious project.
The list of major shareholders in the company includes the Public Investment Fund with a 25% stake and Dayim Modern Real Estate Management Company with 11.912%.
Emaar Economic City oversees the development and management of King Abdullah Economic City, which includes an advanced port on the Red Sea coast. The city is accessible within one hour from Jeddah, Mecca and Medina thanks to the new network of roads and railways.
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