Net losses more than tripled in the third quarter at Emaar Economic City, the listed Saudi unit of Dubai real estate giant Emaar Properties, the company said Tuesday.
Emaar Economic City said it lost 195.6 million riyals ($52.2 million) in the quarter ended September 30, compared with SR63.5 million for the year-earlier period.
Emaar, tasked with building the ambitious King Abdullah Economic City on the Red Sea on a commercial basis, said losses also mounted from the second quarter when it was SR128.4 million in the red.
The net loss for the nine months since the start of the year was SR377.5 million compared with SR239 million a year earlier.
Emaar said sales of real estate in the 17,000 hectare project 100 kilometres north of Jeddah had not kept up with the costs of development.
The company's shares closed 0.67 per cent lower at SR7.40 on Tuesday.