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