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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

nebosh

Jabal Omar has acquired two accreditations from NEBOSH

Jabal Omar has acquired two accreditations from the National Examination Board in Occupational Safety and Health NEBOSH, which is one of the most recognizable board worldwide that aims to qualify employees. This achievement qualifies Jabal Omar to provide training and qualification services in both syllabus: Health and Safety at Work (HSW) and International General Certificate […]

Hyatt Announces Plans for Jabal Omar Hyatt Centric Makkah Hotel and Residences

The property marks the first Hyatt Centric brand in the Kingdom of Saudi Arabia and the second in the Middle East Chicago, January xx, 2019 – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with Jabal Omar Development Company, a leading developer in the Middle East, […]
Northcare

Jabal Omar Development Company and British Northacre Company form strategic partnership

Aimed at exploring future opportunities for collaboration in real estate development Jabal Omar Development Company and British Northacre Company form strategic partnership JEDDAH, January 2019 – Jabal Omar Development Company (JODC), one of the biggest real estate developers in the Kingdom of Saudi Arabia and the Saudi Stock Exchange (Tadawul), recently signed a Memorandum of […]

Jabal Omar to provide healthcare services to Makkah visitors

Jabal Omar Development Company (JODC), the Kingdom’s leading real-estate company, and Smart Medical Services Company have signed an agreement to establish a medical center located in Jabal Omar project. The agreement was signed by JODC’s CEO Yasser bin Faisal Al-Sharif and Chairman of the Board of Directors, Smart Medical Services, Abdullah Abdulaziz Al-Othaim. The Medical […]
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