DUBAI, Nov 21 (Reuters) - Jabal Omar Development Company (4250.SE), one of Saudi Arabia"s largest listed developers, said on Sunday it agreed to restructure a 3 billion riyals ($799.91 million) loan it owed to the government as part of plans to fix its finances. The company, which runs the Jabal Omar complex of hotels and property within walking distance of the Grand Mosque in the Muslim holy city of Mecca, was hit hard when the coronavirus outbreak reduced pilgrimages. On Sunday, it said it received approval from the Saudi ministry of finance to restructure a 3 billion riyals Islamic loan it received in 2011. "This agreement will have several immediate and significant long-term positive impacts on the Company’s financial position, enabling it to accelerate the pace of development of its Jabal Omar masterplan and support the government’s efforts in achieving its goal of welcoming 30 million pilgrims by 2030," it said in a statement. Half of the facility will be converted into an Islamic subordinated perpetual debt instrument, while the other will be extended to 2031 from its previous 2022 maturity. The deal also includes a waiver of accrued loan payments and lower rates for the extended debt. Jabal Omar embarked on a plan this year to fix its heavily indebted balance sheet which would see it restructure more than 15 billion riyals in liabilities by next year. Earlier this month it said quarterly losses had deepened as the pandemic continued to have an impact on revenues. read more ($1 = 3.7504 riyals) Reporting by Davide Barbuscia; Editing by Christopher Cushing