Bank Al-Jazira (BAJ) announced on Wednesday signing a contract to sell its stake in a land located in Jeddah, Saudi Arabia to Al Shara Real Estate Co. for SAR 1.2 billion ($320 million).
 
The bank said it fulfilled conditions for the transaction outlined in the memorandum of understanding signed in January. The MoU had stipulated that BAJ should provide an updated layout design of the land within two months from the signing date. 
 
BAJ owns 50.7 percent, or 1.58 million square meters of the 3.13 million square-meter land.
 
The bank will be paid in two installments, with an initial deposit of SAR 50.7 million. 
 
The remaining amount of SAR 1.138 billion will be paid upon the title deed transfer, according to data available on Argaam. 
 
The transfer should be made within 60 days maximum from the sale contract date.
 
BAJ expects a one-off gain of SAR 572.6 million. This will be recognized in its financials for the second quarter of 2015.  

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