Latest news with #EmaarTheEconomicCity
Arab News
5 days ago
- Business
- Arab News
Closing Bell: Saudi bourses end week in red at 11,007
RIYADH: Saudi Arabia's Tadawul All Share Index fell on Thursday, shedding 31.76 points, or 0.29 percent, to close at 11,006.98. The benchmark index recorded a total trading turnover of SR4.19 billion ($1.12 billion), with 125 stocks advancing and 117 declining. The Kingdom's parallel market Nomu also slipped, losing 50.11 points to close at 27,294.97. The MSCI Tadawul Index dropped 0.32 percent to settle at 1,410.87. LIVA Insurance Co. was the best performer on the main market, with its share price surging 9.94 percent to SR13.93. Emaar The Economic City saw its shares rise by 5.15 percent to SR13.69, while Alistithmar AREIC Diversified REIT Fund gained 4.57 percent to reach SR9.15. Tourism Enterprise Co. recorded the steepest decline, falling 6.45 percent to SR0.87. On the announcements front, Lana Medical Co. said it secured multiple contracts worth SR57.1 million from the Ministry of Health. According to a Tadawul statement, the first contract, valued at SR53.5 million, involves the collection and storage of hazardous waste at health centers, hospitals, and specialized facilities in the Al-Jouf region and Al-Qurayyat Governorate. The second contract, worth SR3.6 million, covers the transportation of medical waste to the Riyadh First Health Cluster. The company stated that the impact of these 60-month contracts will be reflected in its financial results starting in the fourth quarter of 2025. In a separate filing, Lana Medical Co. announced a two-year agreement valued at SR10 million with the National Unified Procurement Co. to manage medical waste. Shares of Lana Medical Co., listed on the Nomu parallel market, rose 7.98 percent to close at SR36.
Argaam
03-04-2025
- Business
- Argaam
Emaar EC submits request for capital hike via debt conversion to CMA
Emaar The Economic City (Emaar EC) submitted an application to the Capital Market Authority (CMA), seeking permission to increase its capital through debt conversion, according to a Tadawul filing. The company's capital will increase to SAR 4.12 billion. The debt conversion is subject to shareholders' approval. The company will call for the general assembly after obtaining the relevant regulatory approvals, the statement added. Emaar EC noted that the Public Investment Fund (PIF) is a related party, as the sovereign wealth fund is one of the company's major shareholders. The proposed debt conversion is one component of the company's capital optimization plan announced on Sept. 8, 2024, designed to stabilize the company's financial and operational positions. The proposal will optimize Emaar EC's capital structure to enhance its ability to move forward with its growth plans. Any material developments will be disclosed in due course. On March 8, Emaar EC's board of directors amended an earlier recommendation to increase capital by converting the debt owed to the PIF into new ordinary shares, according to data available with Argaam. The board proposed increasing the amount of debt to be converted from SAR 3.97 billion to SAR 4.11 billion to include all interest, commissions and fees until Dec. 31, 2024.
Zawya
28-03-2025
- Business
- Zawya
Emaar The Economic City incurs $293mln losses in 2024
Riyadh – Emaar The Economic City suffered 348.62% year-on-year (YoY) higher net losses at SAR 1.13 billion at the end of December 2024, compared to SAR 253 million. The group posted 58.68% year-on-year (YoY) lower revenues at SAR 426 million in 2024, compared to SAR 1.03 billion in 2023, as per the financial results. Loss per share amounted to SAR 2.17 last year, up from SAR 0.48 in 2023. At the end of September 2024, Emaar The Economic City reported net losses worth SAR 1.15 billion, higher by 2,253% YoY than SAR 49 million. Source: Mubasher
Zawya
19-03-2025
- Business
- Zawya
Saudi's Emaar EC strikes $267mln loan deal with PIF
Emaar The Economic City (Emaar EC) has secured a loan deal with the Public Investment Fund (PIF) to raise an extra 1-billion-riyal ($267 million) loan to cover project costs and fuel growth. The Saudi developer's new financing is an amendment to a previous agreement signed in 2023 for the same amount. The repayment of the new 18-month loan will be made as a single bullet payment, 24 months from the signing date of March 18, 2025, and will include both the principal amount and commission. It has provided mortgages valued at SAR 1.5 billion as security, along with promissory notes. The agreement also includes an option for the PIF to convert outstanding amounts into shares in the company's capital, subject to approval by the relevant regulatory authorities and the Extraordinary General Assembly. PIF is a 25% stakeholder in Emaar EC. The company, which leads the master-planning and development of Saudi's King Abdullah Economic City (KAEC), unveiled a SAR 8.7 billion Capital Optimisation Plan in September, which relies on strong partnerships and external investments to finance upcoming projects, its CEO told Zawya Projects. (Writing by Bindu Rai, editing by Seban Scaria)
Argaam
10-03-2025
- Business
- Argaam
Emaar EC amends plan to raise capital by converting PIF debt to new shares
Emaar The Economic City's (Emaar EC) board of directors amended on March 8 an earlier recommendation to increase capital by converting the debt owed to the Public Investment Fund (PIF) into new ordinary shares. The board proposed increasing the amount of debt to be converted from SAR 3.97 billion to SAR 4.11 billion, in order to include all interest, commissions and fees until Dec. 31, 2024, the developer said in a statement to Tadawul. The company also entered into an addendum to the conversion agreement on March 9 to reflect this increase and agree to the conversion mechanics. Emaar EC will include all relevant details in its shareholders' circular, which will be published after obtaining the approvals of the Capital Market Authority (CMA) and the Saudi Exchange (Tadawul).
