Proceeds of the sale will be used to fund JODC projects and restructure existing loans
Jabal Omar Development Company (JODC), the Saudi developer, has said that it has reached an agreement for the sale of a prime plot of land at the company’s project site in the Saudi city of Makkah for $221 million.
The sale agreement with an unnamed investment company, will see the buyer bear the additional costs in the form of taxes for this real estate transaction and the value of the deal, the developer said in its filing to the Saudi Tadawul.
One of the largest listed companies on the Saudi Tadawul Stock Exchange, JODc said that the proceeds from the sale would be used to fund the company’s projects and restructure its existing loans.
Jabal Omar is a multi-use real estate development megaproject within walking distance The Grand Mosque of Makkah.