Riyadh –  Jabal Omar Development Company on Sunday signed a contract to sell a plot of land located at the company’s project site in Makkah city to an investment company.

The transaction has been concluded at SAR 830 million and the buyer shall pay the real estate transfer tax, according to a statement to the Saudi bourse.

The asset’s book value amounts to SAR 115.8 million. Moreover, the sale proceeds will be used in financing Jabal Omar’s projects and restructuring existing loans.

Furthermore, the transaction is expected to have a positive effect on the company’s financials.

Source: Mubasher

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