Riyadh – Mubasher: Jabal Omar Development signed a development contract with AlBilad Securities and Investment Co. worth SAR 1 billion ($266.7 million).
Under the deal, Jabal Omar will sell 55 housing units, according to a bourse filing on Tuesday.
The contract followed signing a memorandum of understanding (MoU) on 17 August between the two firms to establish real estate investment fund in Makkah.
The agreement includes that the development company will rent the housing units after selling them to the investment firm for a year with a rental value of 2% of the fund’s acquisition value.
The financial impact is likely to appear positively in the company’s revenues during the fiscal year ending on 30 of Dhul Hijja 1437 Hijri.
