Jabal Omar announces sale of key Makkah plot for $359m
RIYADH, 2 days ago
Saudi-based Jabal Omar Development Company today (December 31) announced the signing of an agreement with Durat Taibah Investment Company for the sale of a prime plot of land located within its project in Makkah city.
The parcel of land, spanning 7,503.37 sq m area, was sold for SAR1.35 billion ($359 million), said Jabal Omar Development Company in its filing to Saudi bourse Tadawul.
The sales proceeds will be used for paying off loans and funding existing projects, it added.
On the financial impact, Jabal Omar said the deal is expected to have a positive impact on the company's financial results after the completion of the transaction.
This deal comes just days after Jabal Omar had completed the sale of a similar plot within its Makkah development.
The 5,649-sq-m parcel of land was snapped up by an investor Hamad Bin Abdullah Al Mohaissin for SAR1.1 billion.
