Latest news with #JabalOmarDevelopmentCo.
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)
Argaam
20-03-2025
- Business
- Argaam
Jabal Omar sells land plot in Makkah project at SAR 1.1B
Logo of Jabal Omar Development Co. Jabal Omar Development Co. announced today, March 20, signing a contract to sell a 6,001-square-meter land plot within its Makkah-based project for SAR 1.14 billion, with the buyer bearing the real estate transaction tax and brokerage fees. In a statement to Tadawul, the company said Jabal Omar Development Co. and Azhar Co. are the parties involved in the deal. The land's book value amounted to SAR 255.93 million, including development costs. For more news and details on M&As The deal aligns with Jabal Omar's plan to improve its capital structure by reducing debt and financing this ongoing project. The agreement is expected to have a positive impact on its financial results upon completion. Additionally, it stated that the land sale proceeds will be used to repay an existing loan and fund this in-progress project, confirming that no related parties are involved in the deal.
Arab News
27-01-2025
- Business
- Arab News
Closing Bell: Saudi main index sheds, Nomu gains
RIYADH: Saudi Arabia's Tadawul All Share Index dropped on Monday, losing by 13.27 points, or 0.11 percent, to close at 12,372.89. The total trading turnover of the benchmark index was SR7.1 billion ($1.9 billion), as 91 of the listed stocks advanced, while 147 retreated. The MSCI Tadawul Index also dropped by 6.80 points, or 0.44 percent, to close at 1,538.59. The Kingdom's parallel market Nomu increased, gaining 118 points, or 0.38 percent, to close at 31,014.29. This comes as 40 of the listed stocks advanced while 45 retreated. Jabal Omar Development Co. was the best-performing stock of the day, with its share price surging by 10 percent to SR25.85. Other top performers included Knowledge Economic City, which saw its share price rise by 9.89 percent to SR16.66, and Makkah Construction and Development Co., which saw a 9.84 percent increase to SR106. Taiba Investments Co. and Jadwa REIT Al Haramain Fund also saw a positive change, with their share prices surging by 9.81 percent and 5.78 percent to SR51.50 and SR6.59, respectively. Raoom Trading Co. saw the steepest decline of the day, with its share price easing 5.18 percent to close at SR183. Nice One Beauty Digital Marketing Co. and Al-Baha Investment and Development Co. recorded declines, with their shares slipping 4.92 percent and 4.26 percent to SR56 and SR0.45, respectively. ARTEX Industrial Investment Co. also faced a loss in today's session, with its share price dipping 4.06 percent to SR16.08 while Lumi Rental Co. saw a 4.01 percent drop to settle at SR76.60. On Nomu, International Human Resources Co. saw the highest gain, with a 10.95 percent increase, reaching SR5.98. Knowledge Tower Trading Co. followed with a 9.28 percent increase to SR17.42, while Enma AlRawabi Co. reached SR24.44 — a 6.26 percent growth. National Building and Marketing Co. and AME Co. for Medical Supplies were also among the top performers, with 5.44 percent and 5.14 percent increases to reach SR189.80 and SR122.80, respectively. Mulkia Investment Co. was Nomu's worst performer of the day, witnessing a 9.86 percent decline to settle at SR33.35. Albattal Factory for Chemical Industries Co. and Arabian Food and Dairy Factories Co. also saw declines of 6.25 and 5.91 percent to settle at SR60 and SR94, respectively. Academy of Learning Co. and Leaf Global Environmental Services Co. saw drops of 5.71 and 5.08 percent to settle at SR9.58 and SR112.
Zawya
27-01-2025
- Business
- Zawya
Saudi Arabia to allow foreigners to hold shares in Makkah and Madinah property companies
The Saudi Capital Market Authority (CMA) on Monday announced that foreigners can invest in Saudi-listed companies that own real estate in Makkah and Madinah. The decision is expected to increase avenues for the sector to secure financing. Companies operating there include Jabal Omar Development Co., Makkah Construction & Development Co. and Taiba Holding Co. Their shares have soared up to 10% on Tadawul following the news on Monday. "The CMA announcement is a positive news for the listed real estate companies operating in Makkah and Madinah due to the potential for investment funds flows that can be triggered. The companies operating in the space, including Jabal Omar Development Co., Makkah Construction & Development Co., Taiba Holding Co., and Economic Knowledge City are expected to benefit' said Sultan Altowaim, Head of Research at Riyadh-based AlRajhi Capital. 'The CMA aims to stimulate investment and enhance the attractiveness of the capital market, while supporting the domestic economy and Vision 2030 objectives. This will help in attracting necessary liquidity for current and future projects in Makkah and Madinah through the investment products available in the Saudi market, which is a key funding source for development projects,' he added. The CMA said the move is aimed at attracting foreign capital and providing the necessary liquidity for current and future projects in Makkah and Madinah 'through the investment products available in the Saudi market, positioning it as a key funding source for these distinctive developmental projects'. In 2021, the regulatory authority allowed non-Saudis to subscribe to real estate funds investing within the boundaries of Makkah and Madinah. (Reporting by Brinda Darasha; editing by Seban Scaria)
