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Mon 1 Jan 2007 12:00 AM

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Bank Albilad to manage multi-billion dollar real estate IPO in Saudi Arabia

Bank Albilad of Saudi Arabia is to manage the multi-billion dollar initial public offering (IPO) of Jabal Omar Development Company (JODC), a major real estate developer.

Bank Albilad of Saudi Arabia is to manage the multi-billion dollar initial public offering (IPO) of Jabal Omar Development Company (JODC), a major real estate developer.

JODC, which has capital of SR6 billion (US$1.6bn), is to offer 201,400,000 shares with a total value of SR2.014 billion (US$537m). The IPO will be restricted to Saudi nationals.

The company is raising capital as it prepares to carry out one of the largest real estate projects in the Arab world at an estimated cost of SR12 billion (US$3.2bn).

The Jabal Omar project covers an area of 230,000 square metres and will provide advanced housing facilities to tens of thousands of Saudis and pilgrims to Mecca.

Abdul Rahman Faqeeh, the chairman of the constituent committee of JODC, signed an agreement with Azzam bin Abdullah Aba Al Khail, the CEO of Bank Albilad, in Mecca in December.

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