Jabal Omar sells Makkah plot for $933mln 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.
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
Arabian Business
18 hours ago
- Arabian Business
Over 1.67million pilgrims performing Hajj in Saudi Arabia: GASTAT
1,673,230 pilgrims are performing Hajj 1446 AH in Saudi Arabia, according to the General Authority for Statistics (GASTAT). According to GASTAT, 1,506,576 pilgrims arrived from outside Saudi Arabia, while 166,654 pilgrims are from within the Kingdom, including both citizens and residents. Hajj 2025 by the numbers: Total pilgrims: 1,673,230 International pilgrims: 1,506,576 Domestic pilgrims (citizens and residents): 166,654 Male pilgrims: 877,841 Female pilgrims: 795,389 Hajj in Saudi Arabia How pilgrims arrived: Airports: 1,435,017 Land border crossings: 66,465 Seaports: 5,094 These figures were compiled using administrative records from the Ministry of Interior, part of a standardised statistical model that GASTAT has successfully implemented over the past five years. This method ensures high accuracy, reliability, and consistency in Hajj statistics reporting. As the Kingdom's official statistical authority, GASTAT is the exclusive provider of official statistics in Saudi Arabia and is entrusted with overseeing all national statistical activities, including technical supervision, conducting field surveys and research, data analysis, and managing the documentation, preservation, and tabulation of statistical information across all sectors of life in the Kingdom.
Zawya
a day ago
- Zawya
RPM's medical team provides healthcare services for Hajj 2025 Pilgrims
Jeddah: A dedicated team of doctors, medical staff and paramedics from UAE-headquartered Response Plus Medical, a subsidiary of Response Plus Holding PJSC (ADX: RPM), the largest pre-hospital care and emergency medical services provider in the region, is currently delivering extensive healthcare services to pilgrims participating in Hajj 2025. With a fleet of 125 ambulances, 18 fully-equipped medical clinics, and 350 trained medical professionals, RPM is committed to ensuring the safety, health, and well-being of all pilgrims throughout their sacred journey. During Hajj season, Saudi Arabia welcomes nearly 3 million pilgrims from around the globe. The ambulance fleet has been strategically stationed across key Hajj sites to provide rapid response and emergency care whenever needed. The 18 medical clinics are staffed with experienced doctors, nurses, and support staff, offering a wide range of services from routine health assessments to urgent medical interventions. Commenting on RPM's contribution to the success of the Hajj season, Dr Rohil Raghavan, CEO of Response Plus Holding PJSC, said: 'Our mission is to support Hajj pilgrims in their spiritual journey by maintaining their health and safety, while ensuring their families and loved ones' peace of mind. Under the leadership of Baneesh Abdulla, CEO of Saudi RPM, the large medical team has been making rigorous preparations on-ground in the last two weeks to provide Hajj pilgrims with the best emergency medical services, offering everyone the prompt and compassionate care they deserve.' Through this on-site mission, RPM reaffirms its commitment to excellence in emergency medical services and community care for events of any scale or magnitude.
Arabian Post
a day ago
- Arabian Post
Saudi Arabia Pushes for Larger OPEC+ Oil Output Increases
Arabian Post Staff -Dubai Saudi Arabia is advocating for accelerated increases in oil production within the OPEC+ coalition, aiming to reclaim market share lost during past output cuts. The kingdom is reportedly pressing the group to raise supplies by more than 400,000 barrels per day for August and possibly September, signalling a clear shift in strategy amid evolving global energy demands. The decision underscores Saudi Arabia's intent to capitalise on high seasonal demand in the northern hemisphere summer months. By scaling back production curbs more aggressively, Riyadh seeks to boost revenue and solidify its influence over global oil markets as supply dynamics shift. This approach reflects broader geopolitical and economic calculations, especially as global economies adjust to fluctuating energy needs and the ongoing transition to cleaner energy sources. ADVERTISEMENT OPEC+ has been managing oil supply carefully since 2020, following the severe demand shock caused by the pandemic and ensuing market volatility. Initial drastic cuts helped stabilise prices, but the alliance has gradually increased output to balance rising demand. Saudi Arabia, as the largest producer within OPEC+, holds substantial sway in determining the group's production policies and has been central to managing these supply adjustments. This move to hasten production hikes also coincides with concerns over emerging market demand and the possible impact of economic slowdowns in key economies such as China and Europe. Saudi officials appear confident that increased output will prevent rivals, including the US shale sector and other non-OPEC producers, from expanding their share amid tightening market conditions. Industry experts highlight that Saudi Arabia's push for faster supply growth may be aimed at pre-empting market share erosion by ensuring that OPEC+ remains the dominant supplier globally. Since mid-2022, the kingdom has carefully recalibrated its production to respond to volatile price trends and geopolitical uncertainties, including tensions in the Middle East and disruptions caused by sanctions on Russia. The timing of the proposed output rise is critical. Summer months traditionally bring peak consumption due to higher energy needs for cooling in developed markets, which can drive up prices. Saudi Arabia's intention to increase supply during this window suggests an effort to maximise returns while stabilising prices to avoid sharp fluctuations that could undermine consumer confidence and economic recovery. Global oil markets remain sensitive to a variety of factors including inflationary pressures, currency fluctuations, and shifting consumer behaviour. While demand for fossil fuels is under pressure from environmental policies and the accelerating transition to renewables, oil remains a crucial commodity in the global energy mix. Saudi Arabia's strategy to secure market share through supply management is thus seen as a pragmatic response to balancing short-term profitability with long-term market relevance. ADVERTISEMENT OPEC+ member countries have historically struggled to reach consensus on output levels, with diverse national interests shaping negotiations. Saudi Arabia's dominant position, reinforced by its vast production capacity and financial reserves, often allows it to influence group decisions. However, some members have expressed concerns about aggressive supply increases potentially undermining prices and fiscal stability. The broader geopolitical landscape also plays a role in shaping OPEC+ policies. Tensions involving key players such as Russia, which holds a significant share in the alliance, and ongoing conflicts in the Middle East add layers of complexity to supply decisions. Riyadh's leadership in pushing for larger hikes indicates confidence in managing these risks while maintaining its strategic goals. Market analysts note that US shale producers have responded to higher prices by increasing output, albeit with some operational constraints. Saudi Arabia's efforts to accelerate OPEC+ production are seen as a counterbalance to this trend, aiming to keep global supply within manageable limits and avoid price spikes that could trigger demand destruction or accelerate the shift to alternatives. Saudi Aramco, the kingdom's state-owned oil giant, plays a pivotal role in implementing the supply strategy. Its vast infrastructure, including refineries and export terminals, supports the planned output increases. Aramco's ability to ramp up production rapidly without incurring excessive costs provides Saudi Arabia with a competitive edge in the global energy market. Environmental considerations also influence production decisions. While the global push for net-zero emissions is intensifying, OPEC+ nations, led by Saudi Arabia, continue to argue for the essential role of oil in energy security and economic development. The kingdom is simultaneously investing in cleaner technologies and diversifying its economy to reduce dependence on hydrocarbons in the long term. The interaction between Saudi Arabia's production policy and global economic indicators remains closely monitored by investors and policymakers alike. Oil prices affect inflation rates, trade balances, and geopolitical stability, making OPEC+ decisions crucial beyond the energy sector. The kingdom's assertive stance on output could signal a more proactive approach to managing these broader economic impacts. Analysts emphasize that while Saudi Arabia seeks to regain market share, the volatility of global markets and uncertainties surrounding demand growth require cautious optimism. Supply increases must be balanced against potential oversupply risks, which could trigger price declines detrimental to all producers within OPEC+.
