Jabal Omar sells land plot for SAR 1.1B, gains SAR 818.2M

Jabal Omar Development Co. (JODC) signed, on Nov. 20, an agreement to sell a land plot for SAR 1.07 billion in its Makkah project to Hamad Al Mohaissin.

In a statement to Tadawul, JODC said the land’s book value stands at SAR 254.12 million, including the development value. The land plot spans a total area of 5,649.1 square meters (sqm).

The deal was sealed as the real estate developer plans to enhance its capital structure by reducing debt obligations and optimizing its financing cost.

It is expected to have a positive financial impact on the company’s results once completed.