Jabal Omar uniform title deed helps scheduling loans, cutting costs: CEO

The uniform title deed will help Jabal Omar Development Co. (JODC) scheduling its loans and cutting cost, in addition to enhancing its ability to finance its current and future projects, CEO Khaled Al-Amodi told Alarabiya TV.

He further explained that the title deed will also boost the company’s financial stability and facilitate the relations with investors and lenders, while benefiting from its distinctive position.

The title deed solved the procedural challenges related to some title deeds and locations, Al-Amodi stressed.

Jabal Omar issued on July 16 the uniform title deed on the company's project in Makkah at 231,940 square meters (sqm), Argaam reported.

Read more: Jabal Omar issues uniform ownership deed on Makkah project

As regards the coronavirus impact, Al-Amodi noted that the hospitality sector is facing harsh conditions amid the pandemic which weighed on the company as well, nevertheless, he highlighted that it developed a work and transformation plan to mitigate the negative effects.

“The impact of the crisis is great, expected and reasonable. The company will be disclosing the related details in due course,” the CEO concluded.

In April 2020, Jabal Omar’s main activities were affected negatively due to the drop in occupancy rates in its hotels, and the temporary closure of its commercial centers in Jabal Omar project, in addition to the temporary suspension of all development activities due to COVID-19.