Riyadh – Mubasher: Saudi Arabia's Jabal Omar Development signed a memorandum of understanding (MoU) with UK-based Northacre, owned by the Abu Dhabi Financial Group (ADFG).
The deal was signed by Jabal Omar’s CEO Yaser bin Faisal Al Sharif and Northacre CEO Niccolo Barattieri, the Saudi developer said in a statement.
The deal aims to make the British firm a main developer and partner with Jabal Omar.
Northacre is a subsidiary of Abu Dhabi Financial Group (ADFG).
Jabal Omar last reported turning profitable during the third quarter of 2018 with SAR 469.42 million, against incurring SAR 593.97 million losses in the same period a year earlier.
From January to September 2018, the developer registered SAR 192.3 million profits, against SAR 600.96 million in the corresponding months a year earlier.
By 10:28 am Saudi time, the Saudi firm's stock rose 0.15% to SAR 32.40.
