Saudi Arabia’s Emaar Economic City announced that its accumulated losses decreased to SR3 billion ($800 million) over the first nine months of 2021, a bourse filing showed. They now represent 28.1 per cent of the share capital of the holding company for the Red Sea megaproject, in which PIF acquired a 25 per cent stake for SR2.8 billion in September. The decline is attributed to the increase in the company’s share capital by 33 percent, from SR8.5 billion to SR11.3 billion. The conversion resulted in a rise of the company’s shares from 850 million to one billion, according to the bourse filing.