Saudi-based Jabal Omar Development Company has annnounced that it has reached an agreement with Areeb Advanced Real Estate Company for the sale of a prime plot of land in Makkah. 

 

As per the deal, the 3,065.74 sq m plot is being sold to Areeb for SR521.2 millon ($139 million), said Jabal Omar Development Company in its filing to the Saudi bourse Tadawul.

 

The sale proceeds will be used by the Saudi group for its financial restructuring as well as completing the construction work at its other projects in the city.

 

The deal is expected to have a positive impact on the company's financial results following the completion of the land deed’s transfer, it added.-TradeArabia News Service