Saudi Jabal Omar sells prime Makkah plot for $221m

Wednesday, December 16, 2020

Leading Saudi developer Jabal Omar Development Company (JODC) said it has reached an agreement with an investment company for the sale of a prime plot of land at the company’s project site in the Saudi city of Makkah for SR830 million ($221 million).

As per the agreement, the buyer will have to bear the additional costs in the form of taxes for this real estate transaction and the value of the deal, said the top developer in its filing to the Saudi Tadawul.

One of the largest listed companies in the Saudi Tadawul Stock Exchange, JODC said the proceeds from the sale will be used to fund the company's projects and restructure its existing loans.