RIYADH: Saudi master developer Emaar Economic City’s losses for the first nine months of 2022 deepened by 15 percent to SR627 million ($167 million) from SR545 million during the same period last year, according to a bourse filing. The Public Investment Fund-backed developer reported the losses due to high provisions and revenue tanking 12 percent to SR227 million between January and September from SR258 million in the year-ago period. In response to the results, the group’s shares declined 2.05 percent to reach SR9.10 at the end of Tuesday’s trading session. The company"s general and administrative expenses increased by SR41 million during the current period, with its other income also declining by SR41 million. Emaar EC said its accumulated losses amounted to SR4 billion or nearly 36 percent of capital by September end. Total shareholders’ equity, excluding minority interests, dropped to SR7.271 billion from SR8.141 billion during the period under review. During the third quarter of 2022, the company’s net loss increased by 27 percent to reach SR219 million from SR173 million in the third quarter of 2021. The group suffered a gross loss of SR24 million compared to the third quarter of 2021 when it lost SR5 million. The filing said that finance charges increased by SR20 million due to an increase in the average Saudi Arabian interbank offered rate and credit spread. The third-quarter results indicated a decrease in equity accounted investees by SR8 million due to the completion of Port Development Co.’s bulk berth terminal, the filing added. Emaar is a public Saudi joint-stock company incorporated under the Ministerial Resolution No. 2533 corresponding to September 2006G. The company specializes in land and real estate development in private economic zones. As part of this endeavor, the company develops, promotes, markets, and sells land parcels through development services or proprietary sales. It is also involved in leasing, building and residential modernization, besides building facilities on third-party landparcels and establishing economic zones and sea ports to achieve the company’s goals. The company is undertaking the modernization of King Abdullah Economic City, which is situated 90 kilometers north of Jeddah on the Red Sea coast. The “Economic Cities Authority,” established by the Royal Decree, oversees economic cities to ensure they meet their objectives, such as localization of the national capital and foreign investment attraction and Kingdom development objectives. The King Abdullah Economic City project is one of the largest economic projects in the Middle East managed by the private sector. The company’s headquarters are located in the business center of King Abdullah Economic City.