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Supplementary Announcement from Jabal Omar Development Company regarding its Signing of a Contract for leasing one of its Hotels in its Project in Makkah.

11-06-2017 12:58:00

Further to the company’s announcement published on the Saudi Stock Exchange’s website “Tadawul” on 22/11/1437 – 25/8/2016, Jabal Omar Development Company (JODC) announced that on Tuesday 22/6/1438 – 21/3/2017, it has signed a sale contract of three hotels: Conrad Makkah Hotel, Hilton Suites Makkah Hotel, and Hyatt Regency Hotel; in addition to Souk Al-Khalil, located within its project in Makkah to Alinma Investment Company, with a value equivalent to six billion Saudi Riyals. The contract comes as a supplementary to the memorandum of understanding signed between JODC and Alinma Investment Company, under which a Real Estate Investment Traded Fund (REIT) will be established, after obtaining the necessary approvals from the Capital Market Authority, and the Fund Manager.

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