Jabal Omar, Abu Dhabi Financial Group ink MoU on real estate partnerships

Jabal Omar Development Co. and Abu Dhabi Financial Group (ADFG) signed a memorandum of understanding (MoU) on real estate development partnerships in Madinah, Makkah and neighboring cities, ADFG said in a statement.

“ADFG exists already in Saudi Arabia through Shuaa Capital. This opportunity is compatible with the firm’s strategy to expand into the Saudi market,” said Jassim Alseddiqi, chief executive officer of ADFG.

"As a strategic partner, the group, through its several channels, will work with Jabal Omar to develop a number of partnerships and strategic alliances in the region, and we look forward to working with Jabal Omar and contribute to the growth of the Saudi real estate sector," he added.

Commenting on the agreement, Jabal Omar’s CEO said: “This strategic partnership will witness joint cooperation and strategic planning as part of Vision 2030.”