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Jabal Omar raises $123mn of phase four funding

Company secures finance from Saudi British Bank for seven-tower phase

NEWS, Projects, Financing, Jabal Omar Development Co

Jabal Omar Development Company has agreed a deal with HSBC affiliate the Saudi British Bank for a $123.7mn (SR474mn) islamic financing package.

The company said that the money will be used as a downpayment for carrying out works on phase 4 of the mega-project, which involves building scores of towers for hotels and serviced apartments in the shadow of Makkah's Grand Mosque.

Jabal Omar awarded the $600mn (SR2.3bn) contract for phase four earlier this year to Ruwad Construction Company.

It involves building seven hotel towers on three podiums wih a total built-up area of 320,000m2.

Phase four of the project is due to be delivered in 2017.

Earlier phases of the Jabal Omar Development, which is set to contain 37 towers overall, are still underway.

The $900mn phase one contract is being carried out by Nesma & Partners, phase two (worth $400mn) is being carried out by Saudi Arabian Baytur and Azmeel Contracting, while the $720mn phase three is being done by a Drake & Scull/Arabian Contracting Co joint venture.

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