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Saudi businessman Khalid Bin Abdullah Al Mulhim joins Emaar

HE Khalid Bin Abdullah Al Mulhim has joined the developer of the King Abdullah Economic City megaproject

The entrance of King Abdullah Economic City in Jeddah.
Getty Images
The entrance of King Abdullah Economic City in Jeddah.

Notable Saudi businessman HE Khalid Bin Abdullah Al Mulhim has been appointed an independent member of Emaar, The Economic City’s (Emaar EC), audit committee. 

He joins the developer of Saudi Arabia’s 168,000km² King Abdullah Economic City megadevelopment in Jeddah, situated along the coast of the Red Sea, on a tenure lasting until 23 April, 2020.

HE Khalid Bin Abdullah Al Mulhim replaces former incumbent HE Saud Al Saleh, according to an Emaar EC missive posted on Saudi Arabia’s stock market, the Tadawul.

His appointment comes just weeks after Emaar EC reported a net loss after zakat and tax of $36.8m (SAR138m) for 2018.

Lower demand for residential and industrial projects, rising administrative costs, and the launch of new real estate projects last year were significant contributors to the profit loss, Emaar EC said in a separate filing on the Tadawul.

Recent projects rolled out for the King Abdullah Economic City megaproject during 2018 included a package to develop the mixed-use Industrial Valley. And in November 2018, Emaar EC revealed that construction and development contracts for the economic city scheme had eclipsed $320m (SAR1.bn) during the year. 

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Construction Week - Issue 744
Jun 15, 2019