Jabal Omar Development Company (JODC) signed a memorandum of understanding (MoU) with the Building Technology Stimulus Initiative, which is affiliated to the Saudi Ministry of Housing, to develop innovative building technologies for economic development.
Under the contract, JODC and the initiative will work on localising the industrial sector and raising domestic content, which is in line with the kingdom National Housing Strategy, the Saudi-listed firm said in a statement.
The deal was inked on the sidelines of launching the WAFIEX Exhibition at the Jeddah Hilton Hotel.
“The collaboration with the Building Technology Stimulus Initiative comes within the framework of supporting the realization of the objectives of Vision 2030,” JODC’s CEO Yasser Al-Sharif stated.
The Building Technology Stimulus Initiative, launched by the Saudi Ministry of Housing under the auspices of minister Majed bin Abdullah Al Hogail, is a major part of spurring the Saudi private housing sector.
Earlier in March, the Saudi real estate developer begun issuing five-year domestic sukuk at a value of SAR 2 billion ($533.3 million).
JODC last reported turning to profitability in the full-year 2018, logging SAR 193.78 million, against SAR 600.96 million in losses during 2017.
By 3:00 pm Saudi time, Jabal Omar Development Company’s stock levelled up 0.76% to SAR 33.10.