MEDIA CENTER

Media

Browse:

ADFG enters into MoU with JODC on real estate projects

JEDDAH — ADFG, a leading global investment group, and Jabal Omar Development Company (JODC) one of the largest publicly-listed real estate companies on the Saudi Tadawul Stock Exchange announced the signing of a Memorandum of Understanding (MOU).

The MOU enables the companies to explore opportunities for collaboration and partnerships associated with new real estate development opportunities within the holy city of Makkah Almukarama, Madinah Almunawara, and surrounding cities.

ADFG’s real estate arm is diversified and ranges from developing greenfield projects to investing in income producing assets. ADFG’s portfolio currently includes high-end residential, commercial, retail, hospitality and warehouses across the UK, Middle East and Eastern Europe. ADFG’s key platforms include Northacre, a leading luxury real estate developer with an unrivalled 25 year track record, having designed, developed and marketed over £ 2.2 billion of prime residential sales in London. ADFG also manages the Etihad REIT, a AED 3.5 billion UAE-based Sharia Compliant Real Estate Investment Trust that invests in income producing properties across residential, commercial, logistics and mixed-use assets.

Through its real estate platforms, ADFG will offer its expertise in development management, design and development, project management and asset management. Furthermore, ADFG will support the developments through its various financing and structuring platforms.

JODC’s flagship project, Jabal Omar is a multi-use real estate mega development project in the heart of Makkah. Encompassing more than 2.5 million square meters of built up area, the project, which is to be delivered in phases, will include a large number of high-rise towers, international hotels, residential units and commercial space. In addition to Mount Omar, JODC is looking to develop other areas of Makkah within close proximity of the holy sites.

Jassim Alseddiqi, CEO of ADFG, said: “JODC has invaluable experience in developing complex developments in Makkah and we are delighted to be partnering with them on upcoming development projects in the Kingdom. ADFG is already present in Saudi through SHUAA Saudi. This partnership opportunity is in line with ADFG’s strategy to expand its footprint into the Saudi market”.

He added: “As a strategic partner, ADFG, through its various platforms, will work with JODC to develop the most suited strategies for the master development and to optimize capital structure. We look forward to working with JODC and contributing to the growth of the Saudi real estate sector”.

Yasser Al-Sharif, CEO of Jabal Omar, said: “This strategic partnership between JODC and ADFG will see the two companies collaborate on co-development, strategic planning, design and construction, as well as operations, lease and sale strategies, and capital raising and structuring”. — SG

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