Riyadh – Mubasher: Jabal Omar Development Company on Tuesday announced that it has extended a non-binding memorandum of understanding (MoU) with Saudi Ground Services Company (SGS) for one more year until 22 February 2019.

The MoU aims at establishing a new passenger terminal at King Abdulaziz International Airport and Taif Regional Airport, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The new terminal aims to provide more services for pilgrims and Umrah performers in the central district and Makkah who come and depart from and to King Abdulaziz International Airport and Taif Regional Airport.

The agreement was extended with the same terms and conditions of the first MoU, the statement showed.

In February, the company announced signing a MoU with SGS for jointly studying the possibility of establishing new passenger terminal at King Abdulaziz International Airport and Taif Regional Airport.

Jabal Omar, which is one of the largest listed property developers in the kingdom, gave no further details on the value of the project. 

By 11:51 am KSA time, Jabal Omar's stock grew 0.81% at SAR 37.45.