Riyadh – Mubasher: Jabal Omar Development Company and Durat Taibah Investment Company inked a sale agreement, on 31 December, at a value of SAR 1.35 billion.
The Tadawul-listed group will sell a land plot with a total area of 7,503 square metres located within its project in Makkah Al Mukarramah, according to a bourse filing.
Jabal Omar will use the proceeds to enhance its capital structure by decreasing its debt obligations and financing its existing projects.
Meanwhile, the asset book value stood at SAR 432.32 million.
In November, the real estate developer penned a deal to sell a land plot in exchange for SAR 1.07 billion.
