Losses widen at Emaar the Economic City after tough year for commercial real estate

DUBAI: Emaar the Economic City said losses widened after a tough year for the commercial real estate sector.
Losses grew by more than 130 percent to reach SR1.25 billion ($333 million), the company said in a stock exchange filing on Wednesday.
The developer behind King Abdullah Economic City said that beyond the general tough trading conditions created by the pandemic, it also recorded an impairment of SR316 million on properties available for sale and lease and other operating assets.