Construction Losses narrow for developer of King Abdullah Economic City By Pramod Kumar April 1, 2024, 5:09 AM KAEC Entry gate to Emaar EC's building in King Abdullah Economic City Revenue up 184% $67m losses in 2023 Emaar the Economic City, the developer of King Abdullah Economic City near Jeddah, narrowed its losses in 2023 as revenue nearly tripled. The developer cut losses to SAR253 million ($67 million) last year from SAR1.2 billion in 2022. Revenue was up 184 percent year on year to more than SAR1 billion in 2023, driven by sales of industrial and commercial land and residential properties The company, known as Emaar EC, also recognised revenues from progress on existing projects and reassessments of project life-cycle cost estimates. NewsletterGet the Best of AGBI delivered straight to your inbox every week Emaar EC reported a gross profit of SAR432 million in 2023 compared to a gross loss of SAR232 million in the previous year. There was a SAR142 million decrease in general and administrative expenses and a SAR44 million fall in losses, due to a lower expected credit loss provision. Saudi special economic zone plot sold for $98m Jeddah economic city developer secures $270m loan from PIF Dubai’s Emaar unveils $26bn projects as market rebounds However, the developer reported a SAR194 million increase in financial charges due to the Saudi Arabian Interbank Offered Rate. This daily reference rate, published by the kingdom’s Central Bank, is based on the average interest rates at which Saudi banks offer to lend unsecured funds to other banks in the Saudi riyal wholesale money market. In September 2023, Californian electric vehicle maker Lucid Group opened its first international manufacturing plant in the city’s newly launched special economic zone.
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] 1 day ago
