Media

Corporate News Room

Browse:

Jabal Omar Development Company announces the Signing of a Memorandum of Understanding with Albilad Capital to sell Residential Units in the Second Phase of its Project in Makkah

Jabal Omar Development Company (JODC) announces the signing of a memorandum of understanding with Albilad Capital (licensed by the Capital Market Authority “CMA”), which is the investment banking arm for Bank Albilad, on Thursday 1/8/1438 – 27/4/2017, for a period of 4 months from the signature date; in order to sell 93 residential units in the phase two of Jabal Omar project to the real estate fund being established by Albilad Capital Company for this purpose; as the fund, which is planned to be established after obtaining the necessary approvals from the CMA, signing the sale and management contracts, and collecting the necessary funds, will acquire the residential units with an approximate value equivalent to one billion and two hundred million Saudi Riyals (to be determined after the completion of the due diligence inspection), and it is expected that the all acquisition procedures will be completed during the current fiscal year. Furthermore, the agreement also included that JODC will extend the lease period of the residential units that have been sold to Albilad Hospitality Fund, which amount to 55 units, from one to five years.

The sale proceeds will be used to implement the project’s strategy and the financial impact will be positive on the company’s revenues and shareholders’ equity during the current fiscal year.

Knowing that His Excellency the Chairman Mr. Abdulaziz Alsubeaei is a relevant party and that the corporate governance standards will be applied with respect to this deal, the matter will be presented before the company’s next General Assembly for approval.

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 […]
Open form