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Jabal Omar Development Company has agreed a SR1.6 billion ($426 million) financing deal for its vast construction project in Makkah.
The Ministry of Finance has issued a guarantee for the credit facility provided by Saudi Bank Fransi, the developer said in a Tadawul stock exchange filing on Wednesday.
The funds will be used to complete the remaining work on the third phase of the sprawling Jabal Omar project, which consists of four towers with 2,160 rooms and a total commercial area of 26, 435 square meters.
Jabal Omar is a multi-use real estate mega development project within walking distance of The Grand Mosque of Makkah.
By Reuters Staff
3 Min Read
DUBAI (Reuters) - Jabal Omar Development Company, one of Saudi Arabia’s largest-listed property developers, has secured 1.6 billion riyals ($427 million) in loans from Banque Saudi Fransi backed by a Finance Ministry guarantee, it said in a bourse filing.
FILE PHOTO: A general view picture shows the Kaaba as Muslim pilgrims keep social distance while performing their final Tawaf, marking the end of Haj pilgrimage amid the coronavirus disease (COVID-19) pandemic, in the holy city of Mecca, Saudi Arabia August 2, 2020. Sultan Al-Masoudi/Handout via REUTERS.
The company, which posted five consecutive quarterly losses to the end of September 2020, operates the Jabal Omar complex of hotels and residential and commercial property within walking distance of the Grand Mosque in the Muslim holy city of Mecca.
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