Saudi-listed Jabal Omar Development Company (JODC) said on Sunday that it plans to launch the sale of 400 hotel residential units this year and revise the final phase of its flagship Jabal Omar Destination in Makkah following the approval of new regulations allowing non-Saudis to own property in designated areas, including Makkah.

The company said in a stock exchange statement that the changes are expected to broaden the pool of potential investors and property owners from Muslims worldwide, supporting demand for real estate assets within the areas covered by the new regulations.

On 23 June 2026, the Saudi Council of Ministers approved the Executive Regulations of the Law of Real Estate Ownership by Non-Saudis and notified the geographical zones and districts in which foreign ownership is permitted.

As part of its strategy, Jabal Omar will offer 400 existing hotel residential units for sale as the first phase, with proceeds primarily earmarked to reduce the company's outstanding debt.The developer also plans to redesign the seventh and final phase of the Jabal Omar project by increasing the number of hotel residential units available for sale and incorporating off-plan sales to lower financing requirements.

The company statement said the strategy is expected to improve profitability and cash flows by reducing financing costs and limiting the capital required to complete the final development phase.

The initiatives remain subject to obtaining the necessary regulatory approvals, it added.

JODC currently owns a real estate portfolio comprising more than 6,500 hotel rooms and suites. The portfolio is expected to expand to around 7,700 hotel rooms and suites once the remaining components of Phase 4, which is nearing completion, are delivered, the statement said.

Phase 4  will feature seven hotel towers, a 23,000-square metre (sqm) shopping mall, and 479 parking spaces.

Spanning a total footprint of over 235,000 sqm, the master destination also features more than 200 residential units, 80,000 sqm of retail Gross Leasable Area (GLA), and 1,600 parking bays.

(Writing by Dennis Daniel; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.