Data News > Jabal Omar Development Company Signs SAR 1.35 Billion Sale Agreement with Durat Taibah Investment Company
Jabal Omar Development Company Signs SAR 1.35 Billion Sale Agreement with Durat Taibah Investment Company
By KlickAnalytics Data Insights | December 31, 2024 11:04AM ET
- Jabal Omar Development Company and Durat Taibah Investment Company close sale agreement on 31 December
- Land plot with a total area of 7,503 square meters to be sold by Jabal Omar within its project in Makkah Al Mukarramah
- Proceeds from the sale will be used to enhance capital structure and finance existing projects, asset book value at SAR 432.32 million
In a recent development, Jabal Omar Development Company has sealed a sale agreement with Durat Taibah Investment Company on 31 December, with a value totaling SAR 1.35 billion. As per the agreement, Jabal Omar will be selling a land plot spanning 7,503 square meters situated within its project in Makkah Al Mukarramah, as confirmed by a bourse filing. The company intends to utilize the funds generated from this transaction to improve its capital structure by reducing existing debt obligations and financing ongoing projects. Currently, the asset book value stands at SAR 432.32 million.
This strategic move follows a previous deal made by Jabal Omar in November, where the real estate developer sold a land plot for SAR 1.07 billion. The company continues to make significant investments and sales agreements as part of its growth strategy. The transactions are expected to positively impact the financial position of Jabal Omar, ensuring its continued success in the real estate sector.
These developments underline the commitment of Jabal Omar Development Company to expanding its presence and operations within the real estate market. The company's ability to secure high-value sales agreements demonstrates its strong position in the industry and its dedication to strategic growth initiatives. With this latest sale agreement, Jabal Omar is on track to achieve its financial objectives and strengthen its market position even further.
- Land plot with a total area of 7,503 square meters to be sold by Jabal Omar within its project in Makkah Al Mukarramah
- Proceeds from the sale will be used to enhance capital structure and finance existing projects, asset book value at SAR 432.32 million
In a recent development, Jabal Omar Development Company has sealed a sale agreement with Durat Taibah Investment Company on 31 December, with a value totaling SAR 1.35 billion. As per the agreement, Jabal Omar will be selling a land plot spanning 7,503 square meters situated within its project in Makkah Al Mukarramah, as confirmed by a bourse filing. The company intends to utilize the funds generated from this transaction to improve its capital structure by reducing existing debt obligations and financing ongoing projects. Currently, the asset book value stands at SAR 432.32 million.
This strategic move follows a previous deal made by Jabal Omar in November, where the real estate developer sold a land plot for SAR 1.07 billion. The company continues to make significant investments and sales agreements as part of its growth strategy. The transactions are expected to positively impact the financial position of Jabal Omar, ensuring its continued success in the real estate sector.
These developments underline the commitment of Jabal Omar Development Company to expanding its presence and operations within the real estate market. The company's ability to secure high-value sales agreements demonstrates its strong position in the industry and its dedication to strategic growth initiatives. With this latest sale agreement, Jabal Omar is on track to achieve its financial objectives and strengthen its market position even further.
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