Jabal Omar Development Co. receives agreement from five banks for SAR1.35 billion funding
Jabal Omar Development Co., the leading planner and developer for the Jabal Omar mountain area, has received agreements for bridge funding collectively worth SAR1.35 billion from five national banks: Al Rajhi Bank, National Commercial Bank (AlAhli Bank), Bank AlJazira, the Saudi British Bank (SABB) and Saudi Hollandi Bank.
The funds will be used to accelerate the completion of the first phase of the project which includes nine towers overlooking Ibrahim Al-Khalil and Um Al-Qura streets. This bridge finance is considered to be a first step towards arranging a Sharia'h compliant syndicate finance that could reach up to five Billion Riyals in the coming months.
Jabal Omar Development Co. is currently about to satisfy all banks' requirements to close the syndication finance. It is worth mentioning that the Company, through its financial advisor (AlRajhi Capital), has received an interest from a group of local banks to participate with amounts exceeding five Billion Saudi Riyals.
Sheikh Abdul Rahman bin Abdul Qadir Faqih, Chairman of Jabal Omar Development Co., stated: "The size of the funding by these Saudi banks demonstrates the confidence and commitment in supporting grand projects like Jabal Omar; enabling the growth and diversification of the national economy.
This project has led other developers to follow our lead in improving and urbanising the central area surrounding the Mosque. We are fully committed to completing this mega project which serves visitors to the Grand Mosque, a landmark so precious to the hearts of all Muslims around the world."
Jabal Omar Development Company
Jabal Omar Development Company, arguably one of the largest real estate developer in the region and one of the largest listed companies in the Saudi Tadawul Stock Exchange. Its flagship project, Jabal Omar, is a multi-use real estate mega development project within a walking distance of The Grand Mosque of Makkah. As the Kingdom of Saudi Arabia continues to increase its capacity to welcome a growing number of pilgrims, JODC is a proud contributor to the development of the area surrounding The Grand Mosque and strives to provide Makkah’s visitors and residents with a unique spiritual and physical experience.