Jabal Omar Development Company signed a contract to sell a plot of land with an area of 3,066 thousand square meters within its project in the Holy City of Makkah.

“Jabal Omar Development” said in a statement on “Saudi Tadawul” today, Thursday, that the value of the sale is about 521.18 million riyals, in addition to the buyer, the Areeb Advanced Real Estate Company, bearing the real estate transaction tax and pursuit fees.

She added that the book value of the asset amounts to 130.75 million riyals, including the development value.
The sale was attributed to implementing the company’s plans for financial restructuring and completing the construction of the existing phases, and the proceeds of the sale will be used to complete construction work for the project phases.

She explained that the deal is expected to have a positive impact on the company’s financial results after completing the process of emptying the land for the buyer.