Saudi Arabia's Jabal Omar Development has signed an agreement with the Ministry of Finance to defer payments on a SR3-billion ($800 million) loan, it said in a bourse statement on Thursday.

The eight-year loan was extended for three years and the first instalment is now due to be paid in January 2019, the construction firm said.

Jabal Omar had failed to make the first repayment of SR650 million ($173.3 million) on January 1 this year, the firm said in late January, warning that its sustainability depended on finding funds to repay short-term debts.

The developer's projects are mainly located in Makkah's Jabal Omar district near the Holy Mosque. The company has long-term debt of more than SR8 billion ($2.13 billion). - Reuters