Jabal Omar inks MoU for hotel staff homes in Saudi
The developer has inked its MoU with Makkah Gate Company, which is owned by the investment arm of the Municipality of Makkah
Saudi Arabia's Jabal Omar Development Company (JODC) has signed a non-binding memorandum of understanding (MoU) with Makkah Gate Company, to develop homes for hospitality staff.
Makkah Gate Company is owned by Al Balad Al Ameen for Development and Urban Regeneration, the investment arm of the Municipality of Makkah.
Spanning a six-month period, the MoU aims to choose an appropriate location, as well as implement financial and legal studies, for a plot to develop hotel staff accommodation.
No financial impact is caused by the MoU, JODC said in a missive to the Saudi bourse, Tadawul.
JODC's flagship project, Jabal Omar, is an integrated master-development located close to the Holy Mosque in Makkah.
The MoU, inked this April, was facilitated by Al Bilad Bank, and a real estate fund was established by Al Bilad for the purpose.
As part of the agreement, JODC had announced it would extend the lease period of 55 residential units sold to Al Bilad Hospitality Fund from one year to five years.
The MoU was extended for a period of five months, and will close on 22 January, 2018, with the same terms and conditions.