Jabal Omar Development Co. has inked on Tuesday a non-binding memorandum of understanding (MoU) with Bawabat Makkah Co. to develop a residential site for hotel employees.
The MoU has tenure of six months to provide a suitable plot of land for the project and sign a long-term rent contract by the two parties. The project is one of Bawabat Makkah’s first stage projects, the real estate developer said in a bourse statement.
Bawabat Makkah Co. is owned by Al Balad Al Ameen Development Co., the investment arm of Makkah’s municipality.
No financial impact is expected from this agreement and no related parties are involved in the deal, the statement added.
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