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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

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 […]

JODC WINS THE SAUDI TOP ACHIEVERS OUTSTANDING ARCHIETECTURE INITIATIVE AWARD

JODC has won the Saudi Top Achievers Award 2019 in the category of Outstanding Architecture Initiative Award. The glamorous Saudi Top Achievers Award 2019 organized by My Events International was successfully held at the Jeddah International Exhibition & Convention Center and coincided with the 75th anniversary of the Jeddah Chamber of Commerce and Industry (JCCI) […]

Prince Bader Bin Sultan Visit to Jabal Omar Project

His Royal Highness Prince Badr bin Sultan, Deputy Governor of Makkah Region, visited the Jabal Omar project in Makkah and was received by CEO Mr. Yasser Al-Sharif, where he inspected the construction works of the project and the facilities of hotels and commercial centers of Jabal Omar for the upcoming Ramadan season.

Jabal Omar Development Company Co-Sponsors Second Fawanees Makkah Festival

Jabal Omar Development Company has co-sponsored the second edition of the Fawanees Makkah festival held during the holy month of Ramadan. The festival, which was inaugurated by the Under-Secretary of Makkah Dr. Hisham bin Abdul Rahman, was organized by the Makkah Chamber of Commerce and took place throughout 15-25 May 2019. The second Fawanees Makkah […]
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