Jabal Omar CEO expects soft opening of Address, Jumeirah in Ramadan

Khalid Al-Amoudi, CEO, Jabal Omar Development Co. 

Jabal Omar Development Co. is expecting the soft opening of Jabal Omar Jumeirah Makkah and Jabal Omar Address Makkah hotels this Ramadan, Asharq News channel reported, citing CEO Khalid Al-Amoudi.

He added that the two projects witnessed strong demand for reservations.

With the opening of the two projects, the number of hotel rooms will increase to 5,961 in 2023, Al-Amoudi said, expecting this to reflect gradually on the company's Q2 2023 revenues and totally on Q3 2023 revenues.

The total rental spaces will reach 52,855 square meters (sq m) during the second quarter of 2023, the top executive said. He indicated that 1,800 hotel rooms will be added in the next phase, in addition to 24,000 sq m of commercial space in late 2024 and early 2025.

After approving a law on allowing foreigners to own properties in Makkah, two significant effects are expected. The first is related to the business sector, especially as the company has a good stock of land that allows it to form partnerships with several international developers. The second effect is related to individuals, as there will be plenty of opportunities, but the vision about the individual market is not clear.

Speaking on the possibility of selling lands owned by the company, the CEO indicated that Jabal Omar may cooperate with competent peers with financial solvency in its stock of lands.

The real estate developer completed Jabal Omar Jumeirah Makkah and Jabal Omar Address Makkah hotels as part of the second and third phases of Jabal Omar project . It added that the phases include six new towers in the first expansion of the international hotel chain in Saudi Arabia, according to data available with Argaam.