Jabal Omar extends MoU with Albilad Capital

Jabal Omar Development Co. has renewed its memorandum of understanding (MoU) with Albilad Capital to sell 93 residential units in Jabal Omar phase 2 through a real estate investment fund (REIT).

The MoU was renewed for four months until May 21, 2018, without any change in the terms and conditions, Jabal Omar said in a statement to Tadawul on Tuesday.

The company anticipates a positive financial impact on its revenues and the shareholders’ equity from this deal, the statement added.

Jabal Omar board chairman Abdulaziz Subaie and board member Anas bin Mohammad Saleh Saerafi are related parties, and rules of governance have already been applied to the process.

The MoU was signed in April last year and was initially valid for four months. It then was extended in August until Jan. 22, 2018, Argaam previously reported.