Riyadh – Mubasher: Jabal Omar Development on Monday said it invested SAR 1 billion in an in-kind stake in Alinma Makkah Real Estate Fund, and it will be deducted from the sale’s price.

The fund was established to acquire three hotels and two shopping centres from Jabal Omar Development at a value of SAR 6 billion.

The fund will last for five-year period and it may be renewed, and during this period Jabal Omar will lease the assets from the fund at a value of SAR 540 million on an annual basis.

Jabal Omar stated that the financial impact will be positive on the shareholders starting from the fourth quarter of 2017.

Jabal Omar’ stock lost 1.87%, closing at SAR 60.60 on Monday.