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14/09/2024 13:31 AST
RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO.
Speaking to Arab News, Abdulaziz Al-Nowaiser emphasized that the initiative is designed to address severe financial issues, including a significant revenue drop and a substantial increase in net loss.
The plan will provide the company, 25 percent owned by PIF, with greater flexibility to invest in key projects and support its ongoing premium city operations.
Additionally, EEC will convert SR4 billion of debt into share capital. This move is designed to reduce leverage and interest expenses, enhancing financial stability.
EEC is the master developer of the King Abdullah Economic City, a 185-sq. km. development on the Red Sea coast, where over 100 multinational and Saudi companies have already established a home.
Saudi Gazette
31/07/2025
Emaar, The Economic City (EEC), the master developer of King Abdullah Economic City (KAEC), has signed an agreement with Saudi-American real estate venture Al Tahaluf for the development of two premi
Trade Arabia
29/04/2025
Saudi developer Emaar, The Economic City has signed final agreements with four local banks to reschedule SR3.39 billion ($904 million) in existing debt and secure a new credit facility.
In a
Arab News
19/03/2025
Saudi developer Emaar, The Economic City, has signed a binding restructuring agreement with the Public Investment Fund for a loan deal valued at SR1 billion ($266 billion).
Under the terms
Arab News
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MASAR | 18.42 | 0.14 (0.76 |
| JABALOMAR | 15.27 | 0.11 (0.72 |
| DARALARKAN | 15.90 | 0.01 (0.06 |
| MCDC | 84.95 | 1.95 (2.34 |
| CENOMICENTERS | 19.90 | 0.15 (0.75 |
26/12/2025
As part of its ongoing support for the "Diraya" campaign, and on the occasion of the New Year holiday, Gulf Bank has provided a set of valuable tips to help travelers manage their finances wisely, pr
Kuwait Times
26/12/2025
Dukhan Bank has announced the launch of its UK Winter Spend Campaign, offering customers additional DAwards when using their Dukhan Bank Visa credit cards in the United Kingdom during the winter seas
The Peninsula
26/12/2025
Emsteel Group, a leading integrated steel and building materials manufacturer in the region, has announced a major step toward decarbonising steel production through collaboration with the Emirates N
Trade Arabia
25/12/2025
Ooredoo Qatar has launched its new eSIM solution for Internet of Things (IoT) devices, developed to support enterprises in simplifying device management, enhancing security, and scaling IoT operation
Gulf Times
25/12/2025
Ahlibank has been officially certified to the internationally recognised ISO 22301 standard for Business Continuity Management Systems (BCMS) by Intertek Global International.
This milestone
The Peninsula
Financial Information Co.
Saudi Arabia