Jabal Omar sells land plot in Makkah project at SAR 1.1B

Jabal Omar Development Co. announced today, March 20, signing a contract to sell a 6,001-square-meter land plot within its Makkah-based project for SAR 1.14 billion, with the buyer bearing the real estate transaction tax and brokerage fees.

In a statement to Tadawul, the company said Jabal Omar Development Co. and Azhar Co. are the parties involved in the deal. The land's book value amounted to SAR 255.93 million, including development costs.

The deal aligns with Jabal Omar’s plan to improve its capital structure by reducing debt and financing this ongoing project. The agreement is expected to have a positive impact on its financial results upon completion.

Additionally, it stated that the land sale proceeds will be used to repay an existing loan and fund this in-progress project, confirming that no related parties are involved in the deal.