JODC announcing signing a contract to lease one of its hotels in Makkah

Further to JODC’s announcement published on the Saudi Stock Exchange or (Tadawul) on 11 June 2017, concerning signing an agreement to rent Jabal Omar Marriott hotel to Abdul Mohsen Alhokair Group for Tourism and Development.

JODC clarifies that renting the hotel costs 33,500,000 Saudi Riyals annually. This will be for the first 14 years after signing the contract. On the 15th year, the rental cost will drop to 31,000,000 Saudi riyals. The total rental value is 500,000,000 Saudi riyals for the over-all duration of the lease (15 years).