Jabal Omar sells 90 housing units to Albilad Capital

Jabal Omar Development Company (Jabal Omar) on May 17 inked an agreement to sell 90 residential units to Albilad Capital for SAR 1.105 billion, the firm said in a statement to Tadawul.

The deal is expected to have a positive financial impact on Q2 2018 results, the statement said.

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.

In January, Jabal Omar 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), Argaam previously reported.