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Jabal Omar, SBG ink SAR 196m financial settlement

Jabal Omar, SBG ink SAR 196m financial settlement
The final agreement will be signed on 29 November- Photo Archive
JABAL OMAR
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Riyadh – Mubasher: Jabal Omar Development signed a settlement with Saudi Binladen Group (SBG) worth SAR 196 million.

The companies agreed on selling seven housing units in Jabal Omar project with SAR 209 million market value, to settle financial dues, according to a bourse filing.

The final agreement will be signed on 29 November; the financial impact is likely to appear on sales during the first quarter of 1438 Hijri.

Saudi-based Jabal Omar Development's debt obligations amounted to SAR 12.6 billion, said Yaser Faisal Al Sharif, the company's CEO earlier.

The company also has financial obligations towards completing its projects as well as towards its shareholders in respect to future dividend payments.