Deputy chairman Abdulraouf Mohammed Mannaa appointed as replacement
Jabal Omar Development Company (JODC), the Riyadh-based, largest publicly listed real estate company in Saudi Arabia, has said that its chairman, Abdulaziz Mohammed Alsubeaei, has resigned from his post.
In its filing to Saudi Stock Exchange (Tadawul), the company said that its board of directors had approved the resignation of Alsubeaei at a recent meeting. It added that the appointment of deputy chairman Abdulraouf Mohammed Mannaa in his place was also confirmed by the board.
The development comes in the wake of JODC announcing disappointing third-quarter results in 2019, where it posted a loss of $21.4 million for the three months to the end of September 2019, compared to a profit of $125.1 million posted the previous year. Revenues for the third quarter dropped by 81.8% to $64 million year-on-year.
The Saudi developer said that the loss was mainly due to a decline in revenue from sales of residential units due to last year’s one-off bulk sale.
In the nine months to September 30, the company reported a loss of $13.1 million compared to a profit of $51.2 million during the same period in 2018. Revenue during the period dropped by 58% to $190.5 million year-on-year.
JODC is developing a megaproject in Makkah – a multiuse development with a total built up area of 2 million sqm near the Great Mosque. It is composed of 40 towers situated on top of 16 structural bases, and will include a range of hotels, apartments, residential units and malls. Once completed, it will include a variety of four- and five-star hotels, with a capacity to hold up to 36,000 guests and in excess of 100,000 visitors during the Hajj season.