Riyadh – Mubasher: Jabal Omar Development has announced that its memorandum of understanding (MoU) with the UAE’s Meraas Holding has been expired.

In October 2017, Jabal Omar inked a non-binding MoU with Dubai-based Meraas Holding to examine means of cooperation to develop real estate projects in Saudi Arabia.

The Saudi-listed company stated that the renewal of the MoU will be subject to negotiations, noting that any updates will be disclosed immediately, according to a bourse statement released on Thursday.

The Saudi real estate developer reported a loss of SAR 600.97 million ($160.26 million) during the full-year 2017.