Thursday, March 9, 2017

Jabal Omar wins Makkah nod for project expansion

Jabal Omar Development, the largest listed real estate group in Saudi Arabia by market capitalisation, has won approval from Makkah Region Development Authority to increase the construction area of Phases 5, 6 and 7 at its upcoming development in the city.

With this move, the total construction area will increase by 494,622 sq m, to 1.66 million sq m from 1.17 million sq m, reported Argaam.

Once completed, the Jabal Omar project will include five-star and four-star hotels on a total developed area of 2 million sq m, with the capacity to host 36,000 persons during most of the year and more than 100,000 persons during the Hajj.

The main hotel towers with their interconnecting upper bridge will form a major landmark to the project and serve as a gateway to the Grand Mosque.

The Capital Market Authority (CMA) had suspended Jabal Omar from trading today pending this announcement, said the report.

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