Saudi's Emaar The Economic City names new chairman 

Appointment comes as losses exceed more than 35% of firm's share capital 

  
Rendering of 6,500m2 semi-permanent exhibition hall in King Abdullah Economic City (KAEC)

Rendering of 6,500m2 semi-permanent exhibition hall in King Abdullah Economic City (KAEC)

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Saudi Arabia-based Emaar The Economic City (EEC), an affiliate of Dubai developer Emaar Properties, has appointed a new chairman. 

Assim Alsuhaibani has been appointed to the position effective October 25, 2021 until the end of the current session of the board on September 25, 2023, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Monday. 

The company said it has also appointed Jamal Bin Thaniah as the new vice-chairman. 

The new appointments came after losses incurred by the company behind the King Abdullah Economic City. 

EEC reported a net loss of 178 million riyals ($47.4 million) for the second quarter of 2021, compared to a net loss of 205 million riyals in the preceding quarter. 

As of the same quarter, accumulated losses have reached more than 3 billion riyals, which represent 36.61 percent of the share capital. 

Last September,  Saudi Arabia’s Public Investment Fund (PIF) acquired a 25 percent stake in EEC. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com

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