JEDDAH: Jabal Omar Development Company signed an agreement with Jadwa Investment Company yesterday, under which the latter will provide the financial consultancy needed to arrange SR12.4 billion to finance Jabal Omar project, which is a mega real estate scheme in front of the Holy Haram in Makkah.
The agreement was signed by Abdul Rahman Faqeeh, chairman of Jabal Omar Development Company, and Ahmed Al-Khateeb, managing director and CEO of Jadwa, at the Jeddah Hilton.
In a statement on the occasion, Prince Faisal bin Salman, chairman of Jadwa, said his company's efforts to win the project reflects its importance, as the project is first of its kind in Makkah.
"This again shows Jadwa's keenness toward supporting such strategic projects," the prince said. He also expressed his full confidence in Jadwa's team of experts who will work with representatives of Jabal Omar Company in managing this unique deal.
Speaking to reporters after the signing, Faqeeh said the agreement was in line with a decision taken by his company's board of directors. "We have reached an agreement with Jadwa on arranging the necessary funds worth SR12.4 billion to implement the project in two phases," said Faqeeh, adding that the funding is in compliance with Shariah rules.
Faqeeh said the agreement reflects Jadwa's confidence in Jabal Omar Company, adding that his company bases its decisions on financial and market studies. He praised Jadwa's expertise, and its distinguished methodology and team of professionals.
In his statement, Al-Khateeb expressed his satisfaction over Jabal Omar Company's confidence in Jadwa and its selection as financial consultant in order to arrange funds for the giant real estate project.
