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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
26/10/2016
EMAAR the Economic City (EEC), the developer of the King Abdullah Economic City (KAEC) on the Red Sea coast of Saudi Arabia, has ramped up its use of social networking platforms to achieve its goals
Saudi Gazette
20/10/2016
The Saudi developer Emaar the Economic City (EEC) reported a third quarter loss of 81 million riyals, attributable to lower profit margins and rising expenses and depreciation costs.
EEC,
The National
28/02/2016
King Abdullah Economic City (KAEC), a special economic zone on Saudi Arabia's Red Sea coast, is set to offer affordable apartment homes in its newly built Al-Shurooq community following the success o
Trade Arabia
| Ticker | Price | Change |
|---|---|---|
| JABALOMAR | 23.00 | -0.18 (-0.78 |
| MCDC | 120.20 | 1.40 (1.17 |
| DARALARKAN | 14.98 | 0.02 (0.13 |
| TAIBA | 47.05 | 0.30 (0.64 |
| CENOMICENTERS | 20.24 | 0.00 (0.00 |
13/01/2025
Aldar Properties, Abu Dhabi's biggest listed developer, has raised Dh9 billion ($2.45 billion) in a sustainability-linked revolving credit facility from a syndicate of 15 UAE-based and international
The National
12/01/2025
Ooredoo announced on Sunday the appointment of Sheikh Nasser bin Hamad al-Thani as the new chairman of Ooredoo Kuwait.
Most recently, Sheikh Nasser was appointed as Group Regional CEO for th
11/01/2025
One of the fastest-growing logistics businesses in Mena region, GWC has marked "20 years of excellence and innovation", achieved significant milestones and won prestigious awards, solidifying its pos
Gulf Times
11/01/2025
Almarai, the world's largest vertically integrated dairy company and the world's fourth most valuable dairy brand in 2024, has successfully implemented RISE with SAP on Google Cloud. This milestone m
Saudi Gazette
05/01/2025
Elm, a pioneer in digital solutions, enhanced its brand identity, reflecting the company's ambitious and prominent objective. Leveraging comprehensive knowledge, a forward-thinking mindset, and a pro
Financial Information Co.