Riyadh – Mubasher: Jabal Omar Development has signed a three-month memorandum of understanding (MoU) with Al Bilad Securities and Investment Co. on 17 August, according to a bourse filing on Sunday.

Under this agreement, a real estate investment fund will be established to buy a minimum of 52 residential units in the first phase of the company's development project in Makkah.

The total value is likely to reach SAR 1 billion and is expected to be set after the completion of due diligence, the filing indicated.

All procedures regarding the fund will be fulfilled by the end of the fourth quarter of the fiscal year 2016.