Emaar The Economic City, known as (EEC), is a Saudi joint-stock company listed on the Saudi Exchange 'Saudi Tadawul'. Founded on September 26, 2006, it is responsible for developing King Abdullah Economic City, with the Public Investment Fund owning 25 percent of its shares.
It was listed on 'Saudi Tadawul' on October 7, 2006. Its shares are traded on the main market within the real estate management and development sector, under the name (Emaar EC), symbol (4220), and International Securities Identification Number (ISIN) (SA000A0KDVM8). The company's capital is SAR11.33 billion.
Emaar The Economic City owns three Saudi companies. The Economic City Investment Company, which is 100 percent owned by EEC, specializes in buying and selling land and real estate, off-plan sales activities, and real estate management activities within King Abdullah Economic City. The Emaar Knowledge Company Ltd., which is 96 percent owned by EEC, is involved in establishing, managing, and operating a community college specialized in granting bachelor's and master's degrees in business administration within King Abdullah Economic City, as well as affiliated college buildings, institutes, centers, student and faculty accommodation, schools, and sports fields. The Port Development Company closed joint-stock company, which is 50 percent owned by EEC, operates within the sector of contract execution, management, development, maintenance, operation, financing, and investment of King Abdullah Economic City Port. It provides and executes all services necessary for operating the port and its facilities.
Emaar The Economic City obtained its establishment license by virtue of Minister of Commerce Resolution No. 609 issued on May 13, 2006. The company offered 30 percent of its total shares for public subscription, with a total value of SAR2.55 billion. Emaar The Economic City is developing the King Abdullah Economic City project over an area of 168 million m² near the Red Sea coast to the north of Jeddah City. The King Abdullah Economic City project revolves around establishing a multi-purpose city consisting of several main zones, including the seaport, industrial zone, central business district, resorts, and residential neighborhoods. The King Abdullah Economic City project aligns with and complements the ongoing efforts of the Saudi government aimed at enhancing economic development, attracting foreign capital, providing job opportunities for Saudi talents, and boosting foreign trade, all of which benefit various commercial and industrial sectors in the Kingdom.
Activity of Emaar The Economic City
The primary activities of Emaar The Economic City include the development of real estate, reclaimed lands, and other lands in special economic zones or elsewhere for multiple uses or other development operations, including infrastructure. Additionally, it engages in marketing and selling plots of land owned by the company for development services or third-party ownership. It also leases lands and undertakes other development operations of buildings, residential units, constructions for third-party lands, and the development of economic areas and marine ports.
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