MEDIA CENTER

Media

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

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 […]
Open form