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Abdulaziz Alnowaiser, CEO of Emaar EC
Emaar The Economic City Co. (Emaar EC) aims to achieve the break-even point, followed by profitability and improved operational performance, CEO Abdulaziz Alnowaiser said in an interview with Argaam.
He added achieving full profitability after years of accumulated losses and capital restructuring requires time.
Speaking on the sidelines of the Real Estate Future Forum, Alnowaiser said the company had faced significant debt and liquidity challenges over recent years.
However, the restructuring plan provided room to focus on operational and strategic plans aimed at improving performance and achieving comprehensive operational restructuring, rather than merely concentrating on the financial position.
Emaar EC completed comprehensive financial restructuring in December 2025 worth around SAR 15 billion, which included writing off accumulated losses, and rescheduling bank loans. The plan also aims to convert government loans into capital, and securing a new loan from the Public Investment Fund (PIF), following shareholder approval to convert debt into capital.
Alnowaiser further noted that King Abdullah Economic City is witnessing a wave of new investments, with the company signing several memoranda of understanding (MoUs) during the Cityscape exhibition, in addition to signing seven further MoUs at the Real Estate Future Forum with various investment entities.
He added that the launch of King Salman International Complex for Maritime Industries and Services (KSICMS) has boosted demand for the city, and is expected to attract significant foreign investments and job opportunities, requiring expansion in residential, commercial, and entertainment sectors.
Additionally, the CEO stated that recent amendments to regulations governing non-Saudi ownership of real estate will open up broad new and high-quality global markets, representing a strategic opportunity for the economic city.
Regarding the company’s results, Alnowaiser said the first nine months of 2025 showed a marked improvement year-on-year, with revenues nearly tripling and losses shrinking significantly.
He added that if this performance trend continues, the company might record positive results in the fourth quarter.
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