Factories, tourism projects to bolster Emaar EC in a few years: COO

Majid Matbouly, COO of Emaar The Economic City (Emaar EC) 

Emaar The Economic City (Emaar EC) said the company's financial performance is expected to strengthen over the coming years as factories, tourism projects and residential developments are completed.
 

Chief Operating Officer (COO) Majid Matbouly said end-2025 indicators were promising, adding that results are expected to improve further as development across the city progresses.
 

The transformation of a city spanning 185 million square meters takes time, adding that the industrial sector has become a key pillar of the city's economic and financial foundation. Over the past five years, the sector has recorded significant growth through the signing of several major strategic projects.
 

Matbouly said the company is also relying on the tourism sector through agreements with several operators, including Tahaluf, Meyan, and Rixos, adding that job creation and the development of an integrated urban ecosystem will, over time, support demand for residential communities.
 

He added that King Abdullah Economic City is strategically located between Makkah and Madinah and is served by the Haramain High-Speed Railway, providing connectivity to a population of around seven million to eight million people and reinforcing the city's logistics, residential and tourism potential.
 

Commenting on the contract awarded to Nesma & Partners Contracting Co., Matbouly said the project is expected to serve around 8.5 million square meters upon completion. The contract covers the construction of infrastructure, utility networks, water and wastewater systems, and roads serving the Special Economic Zone and the industrial area, particularly the first phase of the King Salman Industrial Complex.

The COO also highlighted several anchor projects, including the second and third phases of Lucid's vehicle manufacturing facility, the Ceer national automotive project, Hyundai Middle East, as well as Juffali & Brothers' Mercedes-Benz truck assembly factory and other German automotive manufacturers. The infrastructure project will serve as the foundation for an automotive cluster within the King Salman Industrial Complex in the Special Economic Zone.
 

Matbouly added that the project will also support several existing developments, in addition to projects expected to be signed in the coming period.
 

According to Argaam data, Emaar EC announced earlier today signing a SAR 547.4 million contract, excluding VAT, with Nesma & Partners Contracting Co.