Jabal Omar’s financial transformation plan to enhance capital structure: CEO

Jabal Omar Development CEO Khalid Al-Amoudi

Jabal Omar Development Co. is currently focusing on implementing the financial transformation plan to ensure stability, capital structure optimization and improve financial position in the long term, said CEO Khalid Al-Amoudi.

In a statement, Al-Amoudi said the real estate developer is confident in its ability to accelerate operations and intensify construction works in Makkah-based Jabal Omar project.

He added that the company aims to benefit from the positive impacts of the gradual resumption of Umrah amid the ongoing recovery from the COVID-19 pandemic and improvement in its financial position.

Further, the CEO said the agreement signed with the Ministry of Finance on rescheduling SAR 1.5 billion from the total SAR 3 billion loan is an “important achievement”.

He noted that this is part of the firm's plan to restructure its financial obligation and accelerate the implementation of its project in Makkah.

The developer said today, Nov. 21, that it received a letter from the Ministry of Finance approving the conversion of the SAR 1.5 billion existing loan out of total SAR 3 billion, into a new Sharia-compliant, subordinated perpetual instrument, in accordance with the agreed terms, according to data compiled by Argaam.