Jabal Omar signs SAR 550m agreements with Saudi Tabreed

Jabal Omar Development Company announced today on Tadawul signing SAR 550m agreements with the Saudi Tabreed Company to develop the district cooling systems for Jabal Omar project as follows:

1. A joint venture agreement between Jabal Omar and Tabreed to form Jabal Omar central district cooling Co. with ownership ratios of 40% and 60% respectively.
2. An agreement between Jabal Omar Development co. and Jabal Omar central district cooling Co. to adopt BOT system (build, operate and transfer) in implementing the project.
3. Land lease agreement to lease the district cooling project’s land to Jabal Omar central district cooling Co. at SAR 5m annually.