Jabal Omar sells Makkah plot for $933m hotel project
Jabal Omar Development Company (JODC) has announced the sale of a prime plot of land in Makkah to Saudi developer Azhar Company for a major hotel development, according to a company statement released on its LinkedIn page.
JODC is a key player in the development of real estate around the Grand Mosque in Makkah.
The transaction involves Plot S7, located within Phase Five of Jabal Omar's development in the holy city. The land parcel, spanning 6,000 sq m, was sold with a total planned investment by Azhar Company amounting to SAR3.5 billion ($933 million).
"Jabal Omar Development Company has signed an agreement to sell Plot S7 in Phase 5 of its project in Makkah to Azhar Company," the company stated on LinkedIn.
The development will feature a luxurious five-star hotel complex comprising three hotel towers, offering more than 1,900 hotel rooms. This project is expected to significantly bolster the hospitality sector in Makkah, catering to the increasing number of pilgrims visiting the city.
Azhar Company is a diversified Saudi company offering a wide range of services ranging from comprehensive construction solutions to innovative real estate development, entertainment, medical services, trading, manufacturing, education, and specialised Hajj services. -TradeArabia News Service.
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