Riyadh – Mubasher: Jabal Omar Development on Wednesday announced receiving an approval from the Makkah Region Development Authority to increase the number of investment spaces in its Makkah project.

The new buildings will be added to the fifth, sixth, and seventh phases of the company’s project in Makkah, Jabal Omar said in a filing to the Saudi Stock Exchange (Tadawul).

The total area of investment spaces in the project has so far reached 1.666 million square metre from a total of 1.171 million square metre. The new additions will reach around 494,600 square metre.

The addition will positively impact the company’s financial position in terms of investment and operating revenue once the development is complete.

The Saudi Capital Market Authority (CMA) decided on Wednesday to suspend Jabal Omar’s stock starting 2:35pm upon the company’s request, pending the disclosure of an important announcement.

The company stated that the reason behind the suspension was the announcement of the Makkah project updates.

Prior to suspension, Jabal Omar’s stock last traded up 0.92% to SAR 66.75, after 373,790 shares were traded through 195 transactions at a value of SAR 24.8 million.