Jabal Omar Development Company announces selling a land plot in its project located in Makkah

Transaction Details
On 19 July 2023, Jabal Omar Development Company signed a contract to sell a land plot with a total area of 3,065.74 sqm located within its project in Makkah

Transaction Value
SR 521,175,800 in addition to the buyer bearing the real estate transaction tax and brokerage fees

Transaction Terms
No transaction terms

Parties of the Transaction
Jabal Omar Development Company and Areeb Advanced Real Estate Company

Transaction Funding Method
Not Applicable

Transaction Execution Date
2023-07-19 Corresponding to 1445-01-01

Description of the Business of the Asset forming the Subject Matter of the Transaction
Parcel of land

Asset Book Value
SR 130,748,899 Including development value

Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction
Not Applicable

Transaction reasons
Execute the company’s plans for financial restructuring and completing the construction work of the outstanding phases

Expected Impact of the Transaction on the Company and Its Operations
The deal is expected to have a positive impact on the company’s financial results after the completion of the process of the land deed’s transfer

Details of Using The Proceeds of the Asset Sale
The sale proceeds will be used to complete the construction works for the project phases

Related Parties
No related parties