logo
Jabal Omar raises land sale price in Makkah by SAR 21M

Jabal Omar raises land sale price in Makkah by SAR 21M

Argaam6 hours ago
Jabal Omar Development Co. signed an addendum to the land sale agreement within its Makkah-based project with Azhar Co., which includes amending the sale price from SAR 1.14 billion to SAR 1.16 billion, an increase of SAR 21 million.
According to a statement to Tadawul, the company said that the price adjustment is due to extending the period required to complete the sale transaction, as requested by the buyer.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Al Othaim market share hits 21%, results remain balanced: CEO
Al Othaim market share hits 21%, results remain balanced: CEO

Argaam

timea minute ago

  • Argaam

Al Othaim market share hits 21%, results remain balanced: CEO

Muwaffaq Mubarak, CEO of Abdullah Al Othaim Markets Co., said the company operates 411 branches across Saudi Arabia, driving a 10% rise in customer numbers and boosting market share to 21%. He told Argaam that growth stemmed from strong performance at existing stores, new branch openings, higher service demand, and an improved shopping experience. Othaim Express and Cash & Carry maintained strong momentum in Q2 2025, with Express posting customer growth driven by residential area coverage and speedy service. Cash & Carry improved sales and operational efficiency, fueled by higher demand from small and medium-sized enterprises (SMEs) and bulk-buying consumers, while both Cash & Carry and Express support the company's diversification and customer expansion strategy. Mubarak expects Q3 2025 performance to remain strong, driven by branch network growth, seasonal back-to-school demand, and improved purchasing power. He added that the company is investing in digital transformation and customer experience, with a strategy centered on smart expansion, operational efficiency, and growing real estate and core income to drive long-term growth. Renewing the Dammam shopping center lease boosted real estate income and future financial stability, as the new agreement reflects current market value and enables stronger asset returns. The contract had a clear positive impact on non-operating income, boosting income diversification alongside core operations. Q2 2025 results showed balanced performance despite seasonal shifts and market challenges, with revenue up 3% YoY and operating profit rising 8.8%, reflecting stronger margins and efficiency. Despite this, H1 2025 net profit fell 25% YoY to SAR 117.5 million, compared to SAR 156.4 million a year earlier. Q2 profit came in at SAR 41.1 million, according to Argaam 's data.

Saudi Exchange proposes rule changes to expand access to Parallel Market
Saudi Exchange proposes rule changes to expand access to Parallel Market

Arab News

timean hour ago

  • Arab News

Saudi Exchange proposes rule changes to expand access to Parallel Market

RIYADH: Saudi Arabia's stock exchange has proposed a set of rule changes aimed at broadening investor access to its Parallel Market, in a move that could further stimulate listings and deepen capital market activity. The Saudi Exchange Co., also known as Tadawul, published draft amendments to its exchange rules for public consultation, inviting feedback until Aug. 19, according to a statement. The proposed reforms target the definition of 'qualified investors,' loosen listing requirements for the Parallel Market, known as Nomu, and align existing regulations with updates under the new Companies Law. The move is part of the exchange's broader strategy to diversify funding channels and boost private sector participation in equity markets, in line with the country's Vision 2030 economic transformation plan. In a statement, Tadawul stated: 'The amendments also include changes to the market value requirement for publicly held shares and the expected aggregate market value requirement as of the listing date for all shares to be listed on the Parallel Market.' It added: 'Furthermore, the amendments also aim to align with the Capital Market Authority's Regulations, as amended to implement the new Companies Law.' One of the key proposals includes creating a new classified category within the qualified investor definition for Nomu. The expanded eligibility would allow more institutional and individual investors to participate in the secondary market, which caters primarily to small and medium-sized enterprises. Under the revised rules, qualified investors in Nomu would include capital market institutions, investment funds, Gulf Cooperation Council companies, qualified foreign financial institutions, and certain high-net-worth individuals. Notably, the net worth threshold for individuals would remain at SR5 million ($1.33 million), but the minimum securities market activity could be reduced to SR30 million over the past year, down from SR40 million, which would lower the barrier to entry for active investors, the draft amendments document showed. The exchange has also proposed adjustments to the market capitalization and liquidity criteria for listings on Nomu. The minimum market value of publicly held shares at the time of listing could be reduced to SR30 million or 20 percent of the share class — whichever is less — while the minimum expected aggregate market value of all listed shares may be set at SR10 million for initial public offerings and SR100 million for direct listings, the document noted. The new rules also allow for lower thresholds to be approved by the Capital Market Authority if a company demonstrates sufficient investor demand and share liquidity. The proposed amendments aim to harmonize Tadawul's rulebook with regulatory changes introduced under the updated Companies Law, particularly those related to corporate restructurings and listings following demergers or spin-offs. Definitions of terms such as 'Demerger,' 'Spin-Off,' and 'Qualified Investor' have been revised to reflect these changes. The Saudi Exchange has opened a 14-day public consultation window, during which stakeholders can submit their feedback to the draft proposals via email. Final rule changes will be issued after review and approval by the CMA, the release added. The reforms come as Saudi Arabia continues to see a steady flow of listings on both the main market and Nomu, driven by favorable macroeconomic conditions and the government's drive to deepen its capital markets. Saudi Arabia accounted for 31 percent of the region's total initial public offering proceeds in 2024, making it the second-largest contributor after the UAE. The Saudi Exchange hosted 14 IPOs on its main market, raising a total of $3.8 billion. Its parallel market saw 28 IPOs that collectively raised $297 million.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store