Latest news with #JODC
Argaam
5 hours ago
- Business
- Argaam
Jabal Omar refinances SAR 2B facilities with Al Rajhi Bank
Jabal Omar Development Co. (JODC) signed on Aug. 18 a Murabaha financing agreement worth SAR 2 billion with Al Rajhi Bank to refinance existing facilities at improved terms, according to a statement to Tadawul. The financing facility has a tenor of five years, extendable for an additional three years. Additionally, two properties from the Jabal Omar project were mortgaged as collateral against the financing. The agreement included no related parties, the statement added. The new facilities will help improve the repayment schedule and enhance cash flow sustainability, in addition to optimizing the structure of collateral against loans — representing an important step within the company's strategy to strengthen its debt profile.
Zawya
04-04-2025
- Business
- Zawya
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. (
Trade Arabia
03-04-2025
- Business
- Trade Arabia
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.
