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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.

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.

Other Press Releases

JODC Shareholders Approve Landmark Alinma Fund Debt to Equity Transaction, Set to Issue 225 Million New Shares in Return for Settling SAR 5.3 billion in Outstanding Debt Owed to the Fund

Makkah, KSA; 28 August 2022: Jabal Omar Development Company (“JODC” or the “Company”) (Tadawul: 4250), one of the largest real estate developers in Saudi Arabia and the master developer of the iconic mega mixed-used project in Makkah, Jabal Omar, received shareholder approval for issuing new ordinary shares in the JODC to the unitholders of the […]

JODC’s H1 2022 Revenue Surges to Near Pre-Pandemic Levels on Recovery in Umrah Activity

Government’s exceptional management of the pandemic and easing of the restrictions on pilgrimage activities led to a significant increase in the number of pilgrims Revenue in H1 was SAR 391 million, more than tripling year on year Sustained improvement in gross profit driven by Company’s transformation strategy Company expects to bring in new sources of […]

JODC received the Ministry of Finance’s approval to restructure SAR 3 billion existing loan facility

Makkah, Saudi Arabia; 21 November 2021: Jabal Omar Development Company (“JODC” or the “Company”), one of the largest real estate development companies in the Kingdom of Saudi Arabia, announced today the receipt of the Ministry of Finance’s approval to restructure an existing SAR 3 billion Murabaha loan facility. This agreement will have several immediate and […]

Jabal Omar Development Company Secures Over Half a Billion Saudi Riyals from Land Plot Sale in Jabal Omar Project

Makkah, KSA; 30 September 2021: Jabal Omar Development Company (JODC) (Tadawul: 4250), one the largest real estate developers in Saudi Arabia, today announced it has sold a parcel of land within its project via a public auction for SAR 517 million. The proceeds from the strategic land sale will enable the Company to progress with […]
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