Jabal Omar Development Company (Jabal Omar) has set up Shamekhat Development Company, a limited liability company with capital of SAR 100,000, the developer said in a statement to Tadawul on Sunday.

 

Upon receiving regulatory approvals, the fully owned Jeddah-based subsidiary will be a real estate development and investment firm. It was established to meet Jabal Omar’s strategy.

 

The new company is not expected to have a financial impact on Jabal Omar just yet, the statement added.

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