Saudi-based Jabal Omar Development Company (JODC) announces signing an agreement on Sunday, May 20, to sell 90 residential units at SAR 1.1 bn to Albilad Capital, the investment arm of Albilad Bank, Invest-Gate reports.

According to a statement issued by Albilad Capital on Sunday, May 20, Albilad Capital CEO Zaid Almufarih and JODC’s CEO Yasser Al-Sharif officially agreed to acquire 88 units and two penthouse units with a direct and distinctive view of the Holy Ka’bah.

Jumeirah International Hotels Group will operate the selected units and will add the real estate assets to the current assets of AlBilad Hospitality Fund in Makkah, finalizing a deal worth more than SAR 1 bn.

The move comes as part of Albilad Capital strategic plan to diversify its investment products to better meet its customers’ demands.

The positive impact of the deal will appear in the company’s financials by the second quarter of 2018, the statement adds.