Riyadh – Mubasher: Jabal Omar Development Company has sold a land plot of a total area of 2,600 square metres, located within its project in Makkah, via a public auction in exchange for SAR 517.463 million.
The proceeds from the transaction will enable the company to complete the construction of phase 4 of its masterplan and implement the restructure strategy its financial obligations, according to a bourse filing on Thursday.
The transaction is expected to have a positive impact on the company's financial results.
The CEO of Jabal Omar Development Company, Khalid Al Amoudi, said: "While this strategic land sale will enable us to move forward with the completion of the critical phases in our project, it will also fast-track the development of the areas in proximity to the Grand Mosque, one of the busiest and highly demanded areas in Makkah during the Hajj and Umrah season."
