Emaar the Economic City’s net losses narrowed 19% in nine months

JEDDAH: Saudi Arabia’s Emaar the Economic City (EEC) reported that its net losses narrowed 19 per cent in the first nine months of 2021 from a year ago, Arab News reported.

The net losses for January-September reached SR545 million ($145 million), down from SR674 million in the same period a year ago, according to a filing.

The decline in net losses is attributed to the fall of the total comprehensive loss by SR168 million, due to several factors, including the decreasing general and administration and marketing costs and fall in depreciation.