The Agreement between Al Belwi and Al Sherif helps develop 3492 Hotel Rooms and Supports 2030 Vision

Jabal Omar Development Co. partners with Ruwad Civil Construction (R.C.C) to furnish 6 hotels in its project within the proximity of Al Masjid Al Haram in Mecca

The company confirmed that the total value of the agreement is SAR 492 million.

The performance period shall not be exceeding 12 to 18 months from the signing date of the agreement.

7th June 2016, United Arab Emirates

Jabal Omar Development Co. partners with Ruwad Civil Construction (R.C.C) to furnish 6 hotels in its project within the proximity of Al Masjid Al Haram in Mecca. The partnership was established with the aim of enhancing the great urban and investment growth witnessed by Saudi Arabia along with the national transformation schemes in support of 2030 Saudi Vision created with the goal of reviving the tourism sector.

The contract was signed between Mr. Yasser Bin Faisal Al-Sharif, CEO- Jabal Omar Development Company; Sheikh Salah Bin Hamdan Al Belawi, CEO - Ruwad Civil Construction (RCC) in the presence of Dr. Bernd Van Linder, Managing Director - Saudi Hollandi Bank financing Ruwad Civil Construction this Sunday.

Jabal Omar Development expects that the development of 3492 hotel rooms will yield positive results on both the project and the equity after completing and furnishing the six hotels and operating them according to the premade plan, confirming that there are no third parties to the project. The company confirmed that the total value of the agreement is SAR 492 million, and that the performance period shall be from 12 to 18 months from the date of signing of the agreement.

According to the contract, the capacity of the six hotels shall be as follows: Westin Hotel -second phase comprising 507 rooms, Sheraton Hotel -second phase comprising of 526 rooms, Double Tree Hotel - third phase comprising of 668 rooms, Sofitel Hotel- fourth phase comprising of 650 rooms, Millennium Hotel -fourth phase comprising of 581 rooms, and Best Western Hotel - fourth phase comprising of 560 rooms.

In February, Jabal Omar Development Co. Board of Directors' adopted the principles of the company's new strategy for the next decade to align its efforts with the 2030 Saudi Vision, including the principle of the geographical expansion of real estate development and promotion in Mecca, Medina and its surrounding areas.

-Ends-

For Additional information, please contact:
Marissa Pinto
Absolute Public Relations
+971 50 754 1420
MarissaP@absolutecg.net

© Press Release 2016