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
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.
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.
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.
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.