Jabal Omar Development Company will float 201 million shares, representing 30 percent of its capital of SR6.7 billion, for public subscription, Arab News reported Wednesday. Saudi Arabia's Commerce and Industry Minister Dr. Hashim Yamani said his ministry had passed the company’s application for license to higher authorities for approval.
The Jabal Omar Development Company is a joint stock company under establishment. About 99 percent of real estate owners in the Jabal Omar area are shareholders in the company. Jabal Omar is one of the largest real estate development projects near the Grand Mosque in Mecca.
