Jabal Omar Company announced on Tuesday the sale of 55 residential units in Makkah, according to a contract with Albilad Financial, manager of Albilad Hospitality Fund in Makkah, for a value equivalent to one billion riyals.
Jabal Omar Company announced yesterday.
This contract comes as a follow-up to the memorandum of understanding signed on 14/11/1437 AH corresponding to 17/8/2016 AD between the company and Albilad Financial, under which the fund was established after taking the necessary approvals from the Capital Market Authority and completing the due diligence procedures.
This contract comes as a follow-up to the memorandum of understanding that was signed on 14/11/1437 AH corresponding to 17/8/2016 AD.
The agreement was signed by Yasser bin Faisal Al Sharif, CEO of Jabal Omar Development Company and Al Hassan Sami Al Kassous, CEO of Albilad Financial Company in the presence of Fahad bin Abdullah bin Dakhil, Chairman of the Board of Directors of Albilad Financial Company, Dr. Abdullah bin Hamad Al Meshal, Vice Chairman of Jabal Omar Development Company and a number of senior executives from both parties.
Jabal Omar Development Company will lease these residential units after selling them to the Fund for a year at a rental value equivalent to 2% of the Fund's acquisition value, and the company indicated that the sale proceeds will be used to implement the project strategy, and the financial impact is expected to appear positively on revenues and shareholders" equity during the fiscal year ending on 12/30/1437H.
Jabal Omar Development Company will lease these residential units after selling them to the Fund for a year.
Abdulaziz bin Mohammed Al Subaey, Chairman of Jabal Omar Development Company, considered the agreement an important leap in the development process of the project and the completion of a number of projects in the fourth phase of construction, pointing out that the proceeds of the sale will reflect on the acceleration of work in the remaining stages of development, and will support the company's revenues during the fourth quarter of this year, for his part, Dr. Abdullah bin Hamad Al Mishaal, Vice Chairman of Jabal Omar Company stressed the importance of the next development phase of the project to keep pace with the vision of the Kingdom 2030 to accommodate pilgrims and tourists based on several pillars and factors considered one of the most important strengths, to contain For his part, the CEO of Jabal Omar Development Company, Yasser bin Faisal Al-Sharif, said that the agreement coincides with a number of organizational and developmental steps for Jabal Omar and disclosure in conjunction with the company's transition to international accounting standards and its adoption before the end of 1438 AH, pointing out that Jabal Omar project today is considered the most important development projects in the center of Mecca and the largest producer of residential and seasonal accommodation units of all categories.
