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Saudi's Jabal Omar to form two firms with $5m capital

The companies, worth $4m and $1.3m, will provide asset and commercial market management services, it has been revealed

JODC's Jabal Omar is an integrated master-development located close to the Holy Mosque in Makkah.
JODC's Jabal Omar is an integrated master-development located close to the Holy Mosque in Makkah.

Saudi Arabia's Jabal Omar Development Company (JODC) has revealed plans to establish two specialised outfits providing post-construction services. 

The first, a limited liability company, will be an asset management outfit covering hotels, resorts, and hospitality sector facilities. 

READ: Saudi's Jabal Omar eyes acquisition of Umm Al-Qura

JODC will own 90% of the company, and the self-financed firm's capital is $4m (SAR15m). 

Meanwhile, the second company will operate in the commercial market management field. 

READ: Former JLL Saudi head to join Jabal Omar team

Due to be established with $1.3m (SAR5m) capital, JODC will own 60% of the self-financed company.

Incorporation procedures are expected to be complete by the fourth quarter of 2017, JODC said in a statement to Saudi bourse, Tadawul. 

READ: Emaar, Jabal Omar sign management agreement for Address hotel in Makkah

JODC's flagship project, Jabal Omar, is an integrated master-development located close to the Holy Mosque in Makkah. 

The company's hospitality portfolio includes Jabal Omar Marriott, Jabal Omar Hilton Suites, Jabal Omar Conrad, and the upcoming Jabal Omar Address Makkah hotel.

READ: Jabal Omar expansion gets regulatory nod

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Construction Week - Issue 754
Nov 23, 2019