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Emaar The Economic City Restructures Finances

Emaar The Economic City is tasked with developing King Abdullah Economic City (official website)
Emaar The Economic City is tasked with developing King Abdullah Economic City (official website)
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Emaar The Economic City Restructures Finances

Emaar The Economic City is tasked with developing King Abdullah Economic City (official website)
Emaar The Economic City is tasked with developing King Abdullah Economic City (official website)

Saudi Arabia’s Emaar The Economic City has revealed a plan to restructure its finances to better support its growth goals, according to a statement on the Saudi Stock Exchange (Tadawul).

The company reported a dramatic increase in losses for the first half of the year, reaching 694 million riyals, compared to 76.2 million riyals during the same period in 2023.

Key points of the restructuring plan include:

On September 5, the Saudi Ministry of Finance transferred the remaining 2.9 billion riyals of a loan from Emaar The Economic City to the Public Investment Fund (PIF).

Emaar The Economic City (EEC) has signed a non-binding agreement with PIF for a potential new loan of up to 1 billion riyals ($266 million).

The company, the ministry, and PIF have agreed to transfer existing mortgages from the ministry to PIF, eliminating any debt owed to the ministry.

In September 2021, PIF acquired a 25% stake in Emaar The Economic City by converting part of a 2.8 billion riyal loan into shares.

The Ministry of Finance agreed to extend the loan's grace period by one year, to June 2025, and to add 192 million riyals in interest for 2024 to the loan.

The board recommended reducing the company’s capital by 5.63 billion riyals by canceling 563 million shares to cover losses. It also suggested increasing capital by converting 3.97 billion riyals of debt into new shares.

The company has also signed agreements to reschedule loans with several banks, totaling 3.47 billion riyals, and secure additional credit of 301.5 million riyals.

After the announcement, Emaar The Economic City’s share price fell initially but later stabilized.

Fahad Al-Saif, Chairman of EEC, said the restructuring will help the company align with Saudi Vision 2030. CEO Abdulaziz Al-Nowaiser added that it will improve the company’s financial position and enable faster opportunity capture.

Mohammed Al-Farraj from Arbah Capital expects the restructuring to improve the company’s long-term performance and market value by lowering financing costs and improving efficiency.

He noted some short-term volatility but believes the company will be better equipped to handle future challenges.

Converting debt into shares will make PIF a shareholder rather than a creditor, strengthening their relationship and supporting future plans.

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Business

Media Minister Opens Fifth Saudi Media Forum in Riyadh

Saudi Minister of Media Salman Al-Dossary launches the fifth edition of the Saudi Media Forum 2026 in Riyadh. (SPA)
Saudi Minister of Media Salman Al-Dossary launches the fifth edition of the Saudi Media Forum 2026 in Riyadh. (SPA)
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Media Minister Opens Fifth Saudi Media Forum in Riyadh

Saudi Minister of Media Salman Al-Dossary launches the fifth edition of the Saudi Media Forum 2026 in Riyadh. (SPA)
Saudi Minister of Media Salman Al-Dossary launches the fifth edition of the Saudi Media Forum 2026 in Riyadh. (SPA)

Under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Saudi Minister of Media Salman Al-Dossary launched on Monday the fifth edition of the Saudi Media Forum 2026 in Riyadh.

The minister stressed that the royal patronage of the forum by King Salman is a badge of pride and honor for media professionals, as it grants the forum broader dimensions and a deeper vision and views media as a tool for awareness and a means of development.

Held under the theme “Media in an Evolving World,” the forum is witnessing the participation of more than 300 media leaders and experts from over 20 countries. They will engage in more than 150 specialized dialogue sessions discussing the intersection of media with politics, economy, culture, technology, and innovation, with the attendance of international and regional think tanks, reflecting the Kingdom’s leadership in the media industry.

The forum is accompanied by the creative edition of the Future of Media Exhibition (FOMEX), with the participation of more than 250 local and international companies.

Al-Dossary stressed the responsibility of media toward younger generations, noting that protecting future generations in the digital age is not achieved through prohibition or isolation, but through creating aware media environments governed by ethics and values and present content as a tool for building awareness rather than a commodity for consumption.

The objective of safeguarding children is to prepare them to interact with the world with confidence without losing their identity or moral compass, he added.

He announced the launch of 12 flagship initiatives at the forum, most notably the Saudi Media Innovation Bootcamp (Saudi MIB) in the fields of augmented journalism, intelligent content creation, and virtual presenters, in partnership with the Saudi Data and Artificial Intelligence Authority (SDAIA).

Other initiatives include the Tamkeen Initiative to support entrepreneurial ideas and startups, and the Numo Initiative in partnership with the Kafalah Program, to transform media ideas into sustainable business models.

Al-Dossary announced the issuance of the Artificial Intelligence Principles in Media document in partnership with SDAIA, to entrench the principle of responsible use of modern technologies and open the door to advanced stages of activation, support, and empowerment.

The minister announced the hosting of more than 2,000 content creators and influencers from over 90 countries within the Influence Track, as part of the second edition of "The ImpaQ Impact Makers Forum" in Qiddiya City.

He congratulated the winners of the Saudi Media Award 2026, held in partnership with the Human Capability Development Program across four main tracks and 16 categories. The award received more than 500 nominated works from over 20 countries, with international participation growing by more than 200%.

The first day of the forum witnessed several dialogue sessions and the launch of FOMEX, which includes exhibitor pavilions attracting government entities and local and international private companies to showcase their contributions and products in media, radio, and television, as well as a platform that allows exhibitors to present their services and innovations to visitors.

The exhibition includes the Launch Zone, a dedicated space where companies can showcase their latest media innovations and technologies and conclude strategic partnerships that help develop the future media ecosystem.

The FOMEX Theater presents comprehensive insights into the media sector through discussion sessions, dialogues, and workshops featuring leading local and international speakers, while also providing opportunities to sign cooperation agreements and partnerships.

Business

Algeria Inaugurates Strategic Railway to Giant Sahara Mine

A view shows the Santa Cruz chapel in the city of Oran, Algeria May 22, 2024. REUTERS
A view shows the Santa Cruz chapel in the city of Oran, Algeria May 22, 2024. REUTERS
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Algeria Inaugurates Strategic Railway to Giant Sahara Mine

A view shows the Santa Cruz chapel in the city of Oran, Algeria May 22, 2024. REUTERS
A view shows the Santa Cruz chapel in the city of Oran, Algeria May 22, 2024. REUTERS

Algerian President Abdelmadjid Tebboune inaugurated a nearly 1,000-kilometre (621-mile) desert railway to transport iron ore from a giant mine, one of the longest in the country.

The line will bring iron ore from the Gara Djebilet deposit in the south to the city of Bechar located 950 kilometres north, to be taken to a steel production plant near Oran further north.

The project is financed by the Algerian state and partly built by a Chinese consortium, according to AFP.

During the inauguration, Tebboune hailed "the completion of a strategic and historic national achievement, long spoken of as a distant dream".

This project aims to increase Algeria's iron ore extraction capacity, as the country aspires to become one of Africa's leading steel producers.

The iron ore deposit is also seen as a key driver of Algeria's economic diversification as it seeks to reduce its reliance on hydrocarbons, according to experts.

President Tebboune attended an inauguration ceremony in Bechar, welcoming the first passenger train from Tindouf in southern Algeria and sending towards the north a first charge of iron ore, according to footage broadcast on national television.

The mine is expected to produce four million tonnes per year during the initial phase, with production projected to triple to 12 million tonnes per year by 2030, according to estimates by the state-owned Feraal Group, which manages the site.

It is then expected to reach 50 million tonnes per year in the long term, it said.

The start of operations at the mine will allow Algeria to drastically reduce its iron ore imports and save $1.2 billion per year, according to Algerian media.

Business

Container Traffic at Morocco's Tanger Med Port Rises 8% in 2025

Cars, made in Morocco and intended for export, wait to be shipped at Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. REUTERS/Abdelhak Balhaki
Cars, made in Morocco and intended for export, wait to be shipped at Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. REUTERS/Abdelhak Balhaki
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Container Traffic at Morocco's Tanger Med Port Rises 8% in 2025

Cars, made in Morocco and intended for export, wait to be shipped at Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. REUTERS/Abdelhak Balhaki
Cars, made in Morocco and intended for export, wait to be shipped at Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. REUTERS/Abdelhak Balhaki

Morocco's Tanger Med Port said on Monday it maintained its position as the Mediterranean and Africa's leading port, handling 11.1 million containers in 2025, up 8.4% from a year earlier.

The growth was partly driven by the expansion of a terminal operated by APM Terminals, the port authority said in a statement.

The port saw truck traffic grow 3.6% to 535,203 units, driven by higher exports of industrial products and agri-food goods.

Passenger traffic totalled 3,220,422 in 2025, up 5.7%, while cars using the port to cross into or out of Morocco reached 895,341 vehicles in 2025, up 5%, it said, Reuters reported.

The number of vehicles exported through the port dropped 12% to 526,862, mostly produced by Renault and Stellantis plants in the country, the port authority said.

Morocco’s automotive exports fell 2% last year to $17 billion but remained the country's biggest export, according to official trade data.

Overall, the port handled a total of 161 million tons of cargo in 2025, up 13.3% from 2024, it said.

Last week, Morocco said it will start operating Nador West Med, its second Mediterranean deep sea port, in the fourth quarter of this year.

The $5.6 billion facility will open with an annual capacity of 5 million containers, expandable to 12 million.

Further south on the Atlantic coast, Morocco is building a $1 billion deepwater port in Dakhla, in Western Sahara.