Complex Made Simple

Emaar The Economic City outperforms and disappoints Saudi bourse

The Tadawul All-Share Index closed 0.8 per cent lower at 10,081.96 points, on Wednesday, October 29.

Emaar The Econmic City (EEC) slipped 0.23 per cent to hit SAR17.55. Earlier in the day, the developer of the King Abdullah Economic City (KAEC), a 168 million sqm development, situated on the Red Sea coast, said its net income in the third quarter declined by 77.54 per cent quarter on quarter to SAR47.8 million ($12.96 million), but it increased by 166 per cent year on year. The reason for the latter development, EEC said in a filing to the Riyadh-based market, “is due to increase in sale of residential lands, change in cost estimate of a residential project and completion of selling the entire port land to Ports Development Company.”

Gerard Al-Fil