Saudi-listed Jadwa Investment has received a notice to suspend the lease contract for one of its REIT Fund properties due to the Umrah suspension over the coronavirus outbreak.

The property, Tharawat Al Andalusia Hotel, is one of Jadwa REIT Al Haramain Fund properties, and it has been affected by the changing conditions in the hospitality sector in Makkah.

“We would like to notify that the suspension period is temporary until the issuance of an order to lift the suspension by the authorities,” Jadwa said in a bourse statement.

The fund manager added that it expects that the temporary suspension of Umrah will have a negative impact on the fund's returns.

(Writing by Nada Al Rifai; editing by Seban Scaria)

(nada.rifai@refintiv.com)

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