Latest news with #JabalOmar
Zawya
29-05-2025
- Business
- Zawya
Mideast Stocks: Dubai's stock index snaps five-day winning streak as Fitch flags property woes
Most Gulf stock markets settled lower on Thursday, with Dubai's main index snapping five consecutive sessions of gain, after ratings agency Fitch warned that the real estate prices of the emirate are likely to face a double-digit fall in the second half of this year and 2026. The agency said that a rise in deliveries in 2025 and 2026 to a planned 210,000 units is likely to cause a record increase in supply and push prices down by no more than 15%. In Dubai, real estate development company Emaar Properties , known for its notable works like Dubai Marina, Dubai Creek Harbour and the Dubai Mall, was down 1.48%. The index was down 0.61%. Real estate plays a crucial role in the economy of Dubai, a hub for business and tourism for most Gulf regions. Meanwhile, oil prices rose on Thursday after a U.S. court blocked most of U.S. President Donald Trump's tariffs, with markets keeping a close eye on possible new sanctions curbing Russian crude flows and an OPEC+ decision expected later this week on an output hike in July. The ruling bolstered the global market's risk appetite. However, analysts have warned that the reprieve may only last temporarily as The White House quickly appealed the decision and could take it to the Supreme Court. Saudi Arabia's benchmark stock index settled down 0.56%. Real state companies in the kingdom also took a hit, with Makkah Construction and Development losing 5.65% and Jabal Omar was down 4.52%. "The Saudi bourse remained relatively volatile after rebounding from its low. While a rise in oil prices could provide support, the downside risks weigh on sentiment," said Hani Abuagla, Senior Market Analyst at XTB MENA. "The market remained on a downtrend overall, but could find support from successful initial public offerings." In Abu Dhabi, the benchmark index finished flat. Qatar's benchmark stock index settled down 0.72%, with Vodafone Qatar losing 2.91%. Outside the Gulf, Egypt's blue-chip index, finished up 0.62%. Real estate company Emaar Misr was down 2.32% and Telecom Egypt finished 2.33% lower. The Central Bank in Egypt also lowered its overnight interest rates last week by a less-than-expected 100 basis points. SAUDI ARABIA down 0.56% to 10,990.4 ABU DHABI inched up 0.02% to 9,745.3 DUBAI down 0.61% to 5,492.7 QATAR down 0.72% to 10,463.04 EGYPT up 0.62% to 32,696.8 BAHRAIN inched up 0.01% to 1,920.9 OMAN up 0.97% 4,561.04 KUWAIT down 0.10% to 8,799.1 (Reporting by Rishab Shaju in Bengaluru; Editing by Tasim Zahid)
Argaam
21-05-2025
- Business
- Argaam
Jabal Omar OKs SAR 108.5M statutory reserve transfer to retained earnings
Jabal Omar Development Co. 's shareholders approved the transfer of the statutory reserve balance amounting to SAR 108.5 million, as per the 2024 financial statements, to retained earnings during the extraordinary general meeting (EGM) held on May 20. In a statement to Tadawul, the company said shareholders also approved the remaining items on the agenda during the EGM.
Zawya
13-05-2025
- Business
- Zawya
Saudi: Jabal Omar achieves nearly $252.26mln net profits in Q1-25
Riyadh - Jabal Omar Development Company posted net profits of SAR 945.94 million in the first quarter (Q1) of 2025, signaling an annual leap of 4,873.39% from SAR 19.02 million. The earnings per share (EPS) jumped to SAR 0.80 as of 31 March 2025 from SAR 0.02 in Q1-24, according to the income statements. Furthermore, the revenues grew by 26.12% year-on-year (YoY) to SAR 747.73 million in the first three months (3M) of 2025 from SAR 592.85 million. Quarter-on-quarter (QoQ), the net profits in Q1-25 hiked by 169.19% from SAR 351.39 million in Q4-24, while the revenues climbed by 74.95% from SAR 427.39 million. In the twelve-month period that ended on 31 December 2024, Jabal Omar recorded a 433.80% increase in net profit to SAR 200.07 million from SAR 37.48 million in 2023. Source: Mubasher All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. ( Mubasher
Zawya
09-04-2025
- Business
- Zawya
Saudi Arabia's Jabal Omar appoints Saleh Habdan Alhabdan as CEO
Saudi Arabian developer Jabal Omar Development Co. has appointed Saleh Habdan Alhabdan as CEO with effect from 4 May 2025. The move follows the resignation of Abdulrahman Abdulqader Bajunaid for personal reasons. The listed developer built and operates the Jabal Omar complex of hotels, residential and commercial property in the Muslim holy city of Mecca. (Writing by Brinda Darasha; editing by Daniel Luiz)
Gulf Insider
30-03-2025
- Business
- Gulf Insider
World's Largest Barbershop Opens At Clock Towers Center In Makkah To Serve Pilgrims
The Clock Towers Center in Makkah is now home to the world's largest barbershop, designed and operated to international standards to provide a fast and seamless grooming experience for Hajj and Umrah pilgrims. The project is part of a broader plan to develop the central barbershop zone, aimed at enhancing service quality in the area surrounding the Grand Mosque. The barbershop features 170 chairs and can serve more than 15,000 pilgrims daily in its initial phase, with each service taking an average of just three minutes. This high capacity and efficiency reflect the operation's exceptional standards and speed. This development is part of ongoing efforts to elevate services for visitors to the holy city, aligned with a comprehensive vision to boost Makkah's readiness and integrate with major nearby developments such as the Masar project, Jabal Omar, and Thakher Makkah.
