Search Site

Trends banner

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Emaar EC inks $16m contract

The King Abdullah Economic City.
  • As part of the contract, SAFE will provide security services at the King Abdullah Economic City
  • It has a duration of five years from the date of signing, which happened on Monday, January 17

Emaar The Economic City (Emaar EC) has signed a contract worth SAR60 million ($16 million) with the National Security Services Company (SAFE), local reports have said.

As part of the contract, SAFE — wholly-owned by the Saudi sovereign Public Investment Fund (PIF) — will provide security services at the King Abdullah Economic City (KAEC).

The contract has a duration of five years from the date of signing, which happened on Monday, January 17.

It is expected to reflect positively on Emaar EC’s financial results for 2021-2026.

The company’s Chairman Assim AlSuhaibani and board member, Majed Alsorour, are said to have an indirect interest in this contract.

Emaar EC has confirmed that the contract is in the ordinary course of business and was not given any preferential privileges.

The company is undertaking the modernization and execution of the KAEC, situated 90 kilometers off the northern area of Jeddah city on the Red Sea Coast.

The KAEC project is one of the largest and most significant economic projects managed by the private sector in the Middle East.