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Saudi: Jabal Omar expansion gets regulatory nod

Makkah Region Development Authority has approved Jabal Omar Development’s request to increase the construction area of phases 5, 6 and 7 of the Jabal Omar Project in Makkah

The fifth, sixth, and seventh phases of Saudi Arabia's Jabal Omar Project have been approved. [Representational image]
The fifth, sixth, and seventh phases of Saudi Arabia's Jabal Omar Project have been approved. [Representational image]

Makkah Region Development Authority has approved Jabal Omar Development’s request to increase the construction area of the fifth, sixth, and seventh phases of the Jabal Omar Project in Makkah, according to Argaam.

The total construction area will increase by 49ha to 166ha, compared to its previous size of 117ha.

The company expects the decision to have a positive impact on the value of assets, return on investment (ROI), and operating income by the time the project is completed.

The Capital Market Authority (CMA) suspended Jabal Omar from trading until today, pending this announcement.

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Construction Week - Issue 743
Jun 01, 2019