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Emaar The Economic City profit jumps 129pct
- Saudi Arabia: Saturday, February 23 - 2013 at 17:40
The Tadawul All-Share Index added 0.10% to reach 7,041.58 points Saturday. Sabic remained pinned down at SR93. Emaar The Economic City or Emaar E. C. added half a percentage point to close at SR9.65. Earlier in the day, the developer, a 2006-established Saudi joint stock company managed by Emaar Properties in Dubai, said that in 2012 it generated a net profit of SR189.20m, compared to net income of SR82.55m last year with an increase of 129%. The developer added a "boost in sales activity, primarily attributable to an increase in revenue from residential units and industrial plot sales." According to the Emaar homepage, Emaar E.C. leads the master-planning and development of the 168 million square meters King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah.
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Gérard Al-Fil, Financial JournalistSaturday, February 23 - 2013 at 17:40 UAE local time (GMT+4)
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