Saudi Jabal Omar To Launch Phase 3 Of Mecca RE Proj Soon -Report

Thursday, May 03, 2012

BEIRUT (Zawya Dow Jones)--Saudi Arabia's Jabal Omar Development Co. (4250.SA), or JODC, plans to launch soon the third phase of its large-scale mixed-use real-estate project in the Saudi holy city of Mecca, Jeddah-based Okaz daily reports Thursday, citing an executive.

JODC has secured a loan worth 3 billion Saudi riyals ($799.9 million) from the kingdom's finance ministry to cover the cost of the third phase which will involve the construction of two building platforms, four hotel towers, and a central commercial market, Abdul Rahman Faqeeh, the company's chairman, said according to the paper.

The second phase, whose cost totals nearly SAR1.5 billion, has been launched and will be completed within two years, the daily cites Faqeeh as saying. The first phase is expected to be completed in the first months of 2013, he added.

Newspaper website: http://www.okaz.com.sa/new/Issues/20120503/Con20120503500043.htm

-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com

(END) Dow Jones Newswires

03-05-12 0510GMT