Jabal Omar Development Company (JODC), one of the biggest real estate developers in the Kingdom, and the Saudi stock exchange (Tadawul) recently signed a memorandum of understanding (MoU) with the British company Northacre, a subsidiary of Abu Dhabi Financial Group. The MoU was signed by the CEO of JODC Yasser bin Faisal Al-Sharif and CEO of Northacre Nicolo Barateeri.
This MoU aims to enable Northacre to co-develop Jabal Omar’s projects, as part of Jabal Omar’s strategy to expand its footprint outside Makkah.
Commenting on the signing, Al-Sharif said: “Northacre is a strong partner that will help us achieve our vision of being the nation’s trusted master developer. With their cutting-edge skills we will co-develop new, innovative technologies for future projects and utilize their experience to further develop our Saudi talent.”
“This reflects JODC’s sound reputation not only locally and regionally, but also at the global level,” the company said in a statement.
With 25 years of experience, Northacre has developed and traded real estate projects amounting to a total value of £2 billion ($2.28 billion), which represents a significant market share of sales of luxury residential units in London.