Dubai – Mubasher: UAE-based SHUAA Capital will sign a cooperation agreement with Saudi Arabia’s Jabal Omar Development during the coming days, Abu Dhabi Financial Group’s (ADFG) CEO Jassim Alseddiqi said.

The deal is forecast to be inked on Thursday, 15 November, or next Sunday, 18 November, Alseddiqi told Saudi-owned Al-Arabiya network.

The CEO further noted that SHUAA’s real estate investments in Saudi Arabia boosted the firm’s profits by the end the third quarter of 2018.

SHUAA Capital last reported a 31% year-on-year jump in net profits in the third quarter of 2018, reaching AED 30.1 million, its highest quarterly profits in a decade.

Jabal Omar turned to profit in the third quarter of 2018 after generating SAR 469.62 million, against a loss of SAR 593.97 million during the corresponding period a year earlier.