Jabal Omar sells Makkah plot for $933mln hotel project
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.
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Web Release
2 hours ago
- Web Release
Saudi Arabia To Host Trio of Co-located Trade Events and Turn Riyadh into Sourcing Hub for Toys, Stationery, and Corporate Gifting
Saudi Arabia To Host Trio of Co-located Trade Events and Turn Riyadh into Sourcing Hub for Toys, Stationery, and Corporate Gifting Riyadh will become the epicentre of a series of trade-only exhibitions next month when dmg events organises the inaugural Kids & Toys Expo Saudi Arabia, Stationery & Paper Expo Saudi Arabia, and Gifts & Homeware Expo Saudi Arabia. All three shows will be co-located under one roof at the Riyadh Front Exhibition & Conference Centre from 16-18 September, providing attendees with a comprehensive platform for all their sourcing needs. The debutant trio represents the Kingdom's first full-service B2B sourcing hub, giving local distributors and traders, retailers and resellers, government stakeholders, mega project developers, entrepreneurs, and investors, the opportunity to meet more than 150 regional and global exhibitors. Among the confirmed exhibitors are representatives from 23 countries, including four with their own major national pavilion: China, Türkiye, and Hong Kong. The co-location also offers buyers the opportunity to consolidate multiple procurement needs in a single visit, streamlining supply chains and reducing sourcing time while fuelling strategic partnerships that support Vision 2030 goals. 'This represents something of a marketplace revolution,' said Jasmeet Bakshi, Vice President, Design and Hospitality at dmg events. 'For the first time, three dedicated B2B exhibitions will run side-by-side at the Riyadh Front Exhibition & Conference Centre, creating a sourcing super-hub designed to transform how Saudi businesses buy, connect, and grow. 'By co-locating these specialised events, we are enabling buyers to meet world-class suppliers, discover market-ready innovations, and forge valuable partnerships in a single visit. The concept is simple but powerful: Bring the right people and the right products together in one place, and business will happen faster. For busy buyers, this means less travel, less time lost, and more strategic sourcing.' Three Industries, One Destination for Business Growth At the Kids & Toys Expo Saudi Arabia – the Kingdom's first trade event uniting the full kids and toys ecosystem from educational to hi-tech and digital children's products – visitors will step into a world of creativity, innovation, and imagination. With a heavily import-dependent market forecast to grow 12 per cent annually to reach a value of US$1.4 billion by 2030, the Kingdom's demand for high-quality, innovative toys is soaring. From Global brands such as Mattel, Hasbro, Disney, Crayola and Spinmaster to AI toy leader Anki Toys and leading local players such as Samaco Toys, Al Shula, Supreme Trading, Hobbies Castle, the show will reveal the trends shaping the future of play. 'This exhibition has the power to be a gateway to market transformation by being a springboard for local manufacturing and strategic partnerships,' added Bakshi. The Stationery & Paper Expo Saudi Arabia will unveil and celebrate the tools that power schools and offices, from sustainable paper products and smart office solutions to premium writing instruments from brand leaders including Abo Moati, Pilot Pens, Linc Limited, the BNB Group, and DOMS. Highlighting artisanry, innovative designs, and corporate gifting, the show is a window into how tradition meets innovation in an industry where creativity is increasingly both physical and digital. 'Stationary and Paper Expo Saudi Arabia promises to be a hub for idea empowerment through paper, where innovation and technology are answering sector-wide demand for sustainability and smart office solutions,' said Bakshi. 'Visitors can look forward to seeing the latest in eco-friendly notebooks, digital writing tools, and smart organisation systems, as well as leveraging the synergy with the co-located shows for enhanced networking and efficiency.' Completing the trio is the Gifts & Homeware Expo Saudi Arabia, a curated display of corporate gifting solutions, artisan crafts, and lifestyle products. Confirmed exhibitors include Event Gifts, Alpha Arts, Rooh, Green Point, Abreeze, Sima Creative and Crystal Arc, which will unwrap exceptional business opportunities. 'This is a timely event to service the rising disposable income in a Kingdom experiencing robust growth in retail, home décor and gifting,' added Bakshi. 'Visitors will also be able to experience products first-hand, network and learn via a programme of interactive demos, and business and panel sessions.' Beyond the Show Floor – The Creative Circle Running alongside the exhibitions, The Creative Circle is a dynamic two-day conference that will bring together more than 25 industry leaders for high-impact discussions and trend analysis. Attendees will to have access to various skill-building features – including a special collaboration with Artse, the leading marketplace for works by some of the world's best emerging and established artists. Designed as a fast-paced forum to spark ideas and foster collaboration, Creative Circle attendees will gain an insider's perspective into the trends shaping the region's retail, homeware, and gifting sectors via fast-paced panels, expert-led discussions. 'The Creative Circle is a business accelerator for the Kingdom, a platform for growth,' said Bakshi. 'It adds another layer of opportunity by offering exclusive insights on trends, consumer behaviour, and creative strategies that can directly shape business for years to come.' Global Reach, Local Impact With more than 5,000 visitors expected, the expos are tailored exclusively for B2B buyers — from large retailers and corporate procurement teams to boutique wholesalers and e-commerce entrepreneurs. Products displayed are hand-selected for the Saudi market, ensuring they meet local business needs and consumer preferences. 'Sure, this sourcing cluster is focused on bringing products to Saudi Arabia, yet it's also strongly focused on aligning with Vision 2030 through its encouragement of local manufacturing, boosting retail competitiveness, and positioning the Kingdom as a sourcing powerhouse in the region,' added Bakshi. 'Every product on display is hand-selected for the Saudi market, ensuring cultural relevance and immediate business potential.' Organiser dmg events is also ensuring the three expos reflect global best practice in sustainability. Plastic-free badges and cups, replacing single-use plastic bottles with glass, and donating used food to workers are some of the visible steps attendees may notice next month. Meanwhile, QR code-driven marketing, reusable exhibition structures, and biofuel-powered logistics all ensure the shows are designed with environmental responsibility in mind.
Web Release
7 hours ago
- Web Release
The Arabian Silk Road: First Global Path to Responsible Consumption and Production
Renowned for its green plains and world-famous dates, Al Qassim has emerged as a Saudi model for integrating agricultural heritage with modern sustainability practices. Under the patronage of HRH Prince Dr. Faisal bin Mishaal bin Abdulaziz Al Saud, the 'Qassim Land' initiative was launched to promote green cities and a circular economy, in support of SDG 12: Responsible Consumption and Production. The initiative aims to enhance production methods, recycling, and effective utilization of agricultural waste, while expanding exports into global markets. Al Qassim's experience was recently showcased at the UN's High-Level Political Forum on Sustainable Development Goals in July, during which the Saudi Green Building Forum (SGBF) presented a success story, illustrating Saudi Arabia's efforts to localize SDGs by aligning them with circular economy principles. SGBF Secretary-General Faisal Al-Fadl, explained that the Qassim governor's initiative is documented through saaf® as a standard framework that promotes innovation and sustainability. He also emphasized that 'circular economy is no longer an option but a necessity to ensure food and environmental security.' Dubbed 'the Arab Silk Road', the Qassim dates industry reaches markets across various continents. To further elevate the Kingdom's standing, HH the Governor of AlQassim launched the 'International Date Road' initiative to link Saudi date production to the historic Silk Road. The project will facilitate the export of more than 578,000 tons of dates annually, strengthening the Kingdom's position as a global hub for date trade, in line with the Saudi Vision 2030 objectives. The Saudi Green Building Forum, recognized in Consultative Status with the United Nations, hosts its 15th edition, with 3,000+ participants, from companies such as Saudi Aramco, Nesma & Partners, Climatech, Roshan, and Shaker Group. Titled: 'Energizing Green Action: Driving Nature-Based Solutions for Sustainable Development Goals', the SGBF will feature 50 speakers and more than 20 sessions to address green city challenges, promote multilateral agreements, and further accelerate localization of Sustainable Development Goals in light of Saudi Vision 2030. Sponsored by the Ministry of Municipalities and Housing, the forum will take place on October 1-2, 2025, at Al-Malfa Hall – Mohammed bin Salman Non-Profit City (MiSK City), Riyadh, Kingdom of Saudi Arabia.
Zawya
7 hours ago
- Zawya
Saudi EXIM: Bolstering non-oil exports from Saudi Arabia
Saudi Export-Import Bank (Saudi EXIM) was established in February 2020. Its core mission is to promote non-oil exports from Saudi Arabia and enhance their presence and competitiveness in regional and global markets by bridging financing gaps and mitigating export risks and by building international trade partnerships. Saudi EXIM is a government agency operating under the supervision of the National Development Fund (NDF), led by the Bank's CEO, H.E. Eng. Saad bin Abdulaziz Alkhalb. Saudi EXIM offers trade finance and credit insurance for national exporters to grow their business overseas, and also provides short and medium-term financing options for Saudi exporters and international buyers of Saudi products and services. Saudi EXIM operates in line with global best practices and collaborates with commercial banks and local and international financial institutions to provide integrated financial services for export financing and insurance - facilitating trade between exporters and importers. As a member of leading international trade and economic organizations, including Aman Union, G-NEXID, and the Berne Union, the Bank strengthens its position in the global business community, credibility, and fosters confidence in Saudi exports through enhanced risk management and international collaboration. The work of the bank is closely tied to the economic diversification goals of the Saudi Vision 2030 transformation program which include increasing the total export value of the non-oil sector from 16% to 50% of GDP by 2030. Since its establishment, Saudi EXIM has been a key driver of sustainable economic growth and local content development. Over the past five years, it has extended more than USD 22 billion in credit facilities. The Bank has also secured an A+ long-term issuer credit rating for both foreign and local currencies from Fitch Ratings, with a stable outlook. In 2024, the Bank achieved a significant breakthrough in the scale and impact of its credit operations. The total value of credit facilities reached USD 8.93 billion, marking a 103% increase compared to 2023. This reflects the Bank's growing role as a key driver in enabling Saudi Arabia's non-oil exports. These facilities included USD 3.19 billion in direct export financing and USD 5.75 billion through export credit insurance programs, raising the Bank's contribution to total non-oil export credit facilities to 7.66%. This serves as a clear indicator of Saudi EXIM's expanding economic footprint in supporting global market access for Saudi products and services. To date, the Bank has signed over 70 MoUs, along with a wide range of financing and insurance agreements, as well as partnerships with international and local banks, financial and commercial institutions, global trading houses, export credit agencies (ECAs), and several relevant multilateral organizations. Milestones include partnerships with major global trading houses such as Trafigura and Glencore, a strategic reinsurance agreement with Allianz Trade to cover supply chains in over 50 countries, and a landmark letter of credit insurance agreement with SABIC — the largest of its kind in the Middle East and a regional first. The Bank launched the Bridges Initiative (Jusoor) to empower Saudi manufacturers by streamlining the import of raw materials and equipment more efficiently. This is achieved through tailored financing and insurance solutions. Covering imports from over 70 countries to support strategic industries such as mining, automotive, aviation, and renewable energy, in full alignment with the objectives of the National Industrial Strategy. The Bank remains committed to deepening collaboration through strategic partnerships and international memberships, aiming to address exporter challenges through innovative solutions while building strong commercial ties that promote mutual interests and support national development objectives.
