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| 20 May, 2018

Saudi Jabal Omar sells 90 units at $300mln

Jabal Omar announced signing an agreement to sell 90 residential units to Albilad Capital, the investment arm of Albilad Bank.

Image used for illustrative purpose.
Labourers work at the construction site of a building in Riyadh, Saudi Arabia, October 18, 2017.

Image used for illustrative purpose. Labourers work at the construction site of a building in Riyadh, Saudi Arabia, October 18, 2017.

REUTERS/Faisal Al Nasser

Riyadh –Jabal Omar Development on Sunday announced signing an agreement to sell 90 residential units to Albilad Capital, the investment arm of Albilad Bank.

The total cost of the deal amounted to SAR 1.1 billion, according to a filing to the Saudi Stock Exchange (Tadawul).

The positive impact of the deal will appear in the company's financials by the second quarter of 2018, Saudi Arabia-based Jabal Omar noted.

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The company has applied governance rules while handling this agreement, the statement showed.

By the end of Thursday’s session, Jabal Omar’s stock rose 0.4% at SAR 42.40.

Source: Mubasher

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