Jabal Omar Development Company, one of Saudi Arabia's biggest listed developers, is stepping up the pace of construction at its mega project in Makkah.
The company aims to complete construction of the second and the third phases by the fourth quarter of this year, it said on Monday.
Phase four, near the Grand Mosque, is expected to be completed by the fourth quarter of 2024.
The developer has signed partnership agreements with a number of companies, including Fluor International, for the timely completion of the project.
“As part of the company’s strategic transformation plan, we have started executing the vital initiatives within JODC’s comprehensive financial, organisational and operational strategic optimisation plan,” said chief executive Khaled Al Amoudi.
“This has enabled us to set clear targets for all the project’s existing phases as we continue to strive towards increasing delivery rates.”
The Jabal Omar master project, which has a land area of more than 23.5 hectares and a built-up area of more than 2.5 million square metres, is being built in several phases.
To date, phase one of the master project has been completed while phases two, three and four are at different stages of completion.
Once complete, the three phases will comprise a total of 15 towers, including five-star and four-star hotels with a total of 5,000 rooms.
The hotels will be operated by companies such as the Jumeirah International Hotel Group, Archipelago International, H Hotels and Resorts and Emaar Hospitality.
The overall project consists of 46 towers, including hospitality, residential and commercial developments, the company said.
“We have partnered with renowned experts to complete all project’s existing phases and the infrastructure as per the revised target launch,” said Saad bin Aiban, chief development and projects manager at the developer.
“From now on, we will work to harness all required resources, from financial to human capital, to ensure timely and on-budget completion of the project.”
Earlier this year, the company undertook a capital restructuring plan to bolster its finances.
As part of the deal, it received shareholder approval to issue 225 million ordinary shares to unit holders of Alinma Makkah Real Estate Fund in exchange for settling 5.3 billion Saudi riyals ($1.42bn) worth of debt.
Last year, JODC also received approval from Saudi Arabia’s Ministry of Finance to restructure a 3bn riyal government loan.
“With a clear road map of increasing delivery rates and commitment to utilising all resources available to the company, Jabal Omar will continue to support and contribute to the kingdom’s Saudi Vision 2030 goal of hosting 30 million pilgrims by 2030,” it said.
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Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
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