Media

Corporate News Room

Browse:

Jabal Omar, Alinma Investment sign MOU to set up real estate fund

If a deal for the new fund is reached, Alinma will re-lease the assets to Jabal Omar, which will retain its right to re-purchase them after five years from the fund’s ten-year term.

Jabal Omar Development Co. has signed a five-month memorandum of understanding (MoU) with Alinma Investment to establish a fund that would sell and lease back real estate assets.

Under the MoU, the fund will acquire income-generating operating assets, which are located in the first phase of Jabal Omar’s Makkah development project, the Saudi-based developer said in a statement to Tadawul.

If a deal for the new fund is reached, Alinma will re-lease the assets to Jabal Omar, which will retain its right to re-purchase them after five years from the fund’s ten-year term.

The developer added that it expects a positive financial impact to show on the second-quarter figures during the next fiscal year ending in September 2017.
It will be a positive impact on shareholders’ equity and the financial impact of this sale is expected to be shown during the second fiscal quarter of the year 1438 AH, and that will be after the completion of the establishment of the fund and the completion of the acquisition of the assets by the Development Investment Company.
Any developments will be announced later in this regard, with the knowledge that there are no related parties to this Convention.

Other Press Releases

Jabal Omar and Dar Al-Hekma University sign a MoU to develop the engineering creativity of female students

In order to achieve our ambition to become Jabal Omar Company a pioneer in creativity by opening development fields for national talents, the MoU that the company signed with Dar Al-Hekma University included cooperation in the field training for female students and the establishment of a studio for creative design, which reflects the company’s role […]

JODC WINS THE SAUDI TOP ACHIEVERS OUTSTANDING ARCHIETECTURE INITIATIVE AWARD

JODC has won the Saudi Top Achievers Award 2019 in the category of Outstanding Architecture Initiative Award. The glamorous Saudi Top Achievers Award 2019 organized by My Events International was successfully held at the Jeddah International Exhibition & Convention Center and coincided with the 75th anniversary of the Jeddah Chamber of Commerce and Industry (JCCI) […]

Prince Bader Bin Sultan Visit to Jabal Omar Project

His Royal Highness Prince Badr bin Sultan, Deputy Governor of Makkah Region, visited the Jabal Omar project in Makkah and was received by CEO Mr. Yasser Al-Sharif, where he inspected the construction works of the project and the facilities of hotels and commercial centers of Jabal Omar for the upcoming Ramadan season.

Jabal Omar Development Company Co-Sponsors Second Fawanees Makkah Festival

Jabal Omar Development Company has co-sponsored the second edition of the Fawanees Makkah festival held during the holy month of Ramadan. The festival, which was inaugurated by the Under-Secretary of Makkah Dr. Hisham bin Abdul Rahman, was organized by the Makkah Chamber of Commerce and took place throughout 15-25 May 2019. The second Fawanees Makkah […]
Open form