Jabal Omar signs MoU for hotel staff homes in Saudi Arabia
Preliminary agreement was signed with Makkah Gate Company and spans six months
The Jabal Omar Development Company (JODC) has signed a memorandum of understanding (MoU) with the Makkah Gate Company (MGC) to build homes for hospitality staff in the Kingdom.
JODC was set up to invest $3.2bn into projects in Makkah, with the aim of accommodating 160,000 Islamic pilgrims and a prayer area for 200,000 worshippers.
The MoU spans a six-month period and aims to choose an appropriate location for the plot and implement financial and legal studies.
Jabal Omar is the JODC’s main project in Saudi Arabia and is an integrated master-development that is in close proximity to the Holy Mosque in Makkah. The development is one of five ongoing mega development projects in Makkah.
Following the signing of the MoU, the JODC issued a statement to the Saudi stock exchange, Tadawul, saying that no financial impact will be caused by the MoU.
The Jabal Omar Development Company will work closely with the MGC, which is owned by Al Balad Al Ameen for Development and Urban Regeneration, the investment division of the Municipality of Makkah.
