JEDDAH, 9 September 2007 — In a memorandum of understanding signed in July, Savola Group purchased 5 percent of Tameer Jordan Holding Company, a real estate development company and with a capital of SR1,225 billion ($300 million).
The deal aims to facilitate investment opportunities in real estate development, targeting low and middle income earners in the Western Province. Savola has bought SR10.6 million shares in return of 22,8 million Jordanian dinar (SR120 million).
“The agreement is considered an ideal way to support the investment of both companies in real estate investment,” said Sami Baroum, managing director of Savola.