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Supplementary Announcement from JODC regarding the Signing of a Memorandum of Understanding with the Alinma Investment to establish a Fund for the Sale and Leaseback of Real Estate Assets

Further to the company’s announcement published on the Saudi Stock Exchange’s website “Tadawul” on 22/11/1437 AH, corresponding to 25/8/2016, JODC announced that on Tuesday 22/6/1438 AH, corresponding to 21/3/2017, it has signed a sale contract of three hotels: Concorde 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, with a value equivalent to six billion riyals. The contract comes as a supplementary to the memorandum of understanding signed by the company with Alinma Investment, under which a Real Estate Investment Traded Fund (REIT) will be established, after obtaining the necessary approvals from the Capital Market Authority from the Fund Manager.

Based on the agreement, JODC will lease and operate the mentioned assets after selling them to the Fund for a period of ten years. As stated by the agreement, JODC will be entitled to repurchase the assets mentioned above, starting from the end of the fifth year of the Fund’s term, which is determined by ten years, until the end of the tenth year. The company indicated that part of the sales proceeds will be used for the payment of the existing bank obligations, and the remaining amount will be used to implement the project’s strategy.

It is expected that the financial impact will positively show in the revenues and shareholders’ equity in the current fiscal year, upon the completion of the Fund’s establishment; in addition to Alinma Investment’s conclusion of the assets acquisition process.

Other Press Releases

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 […]

Jabal Omar announces plans to enable sub-developers as part of its strategic transformation plan

• Mr. Khaled Al Amoudi, CEO: The Jabal Omar model aims to inject a new way of thinking in the real estate sector and enables sub-developers to seize opportunities in Mecca. • Supports growing business and accelerates the completion of development works in Mecca. • In line with Saudi Vision 2030 to develop the hospitality […]

Jabal Omar and Dar Al-Hekma University sign a MoU to develop the engineering creativity of female students

In order to achieve our ambition to become Jabal Omar Company a pioneer in creativity by opening development fields for national talents, the MoU that the company signed with Dar Al-Hekma University included cooperation in the field training for female students and the establishment of a studio for creative design, which reflects the company’s role […]
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