Saudi developer Jabal Omar Development liquidates subsidiary Aliyat
Jabal Omar Development Company, one of Saudi Arabia’s largest-listed property developers, on Tuesday announced the liquidation of its subsidiary, Aliyat Company.
The activity of the wholly owned business unit, with a capital of SAR5.6 million ($1.5 million), has been merged into Jabal Omar Company, according to a disclosure on the Saudi Stock Exchange (Tadawul).
“It is not expected that there will be any material financial impact resulting from the voluntary liquidation of this company”, the real estate development firm said.
In 2019, Jabal Omar Development launched the subsidiary to focus on real estate marketing, sales and facility management.
The unit was established to provide consulting services for independently owned and managed properties, sales and leasing services, among others.
Jabal Omar is the company behind the Jabal Omar complex of commercial, residential and hotel properties near the Grand Mosque in Mecca.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2023