FINANCIAL NEWS

Jabal Omar to increase capital by USD687m

09 May 2011

(MENAFN) Jabal Omar Development Company’s board of directors’ chairman, Abdul Rahman Faqeeh, said that the Saudi Capital Market Authority (CMA) agreed to raise the company’s capital by USD687 million, reported Arab News.

Faqeeh added that the move came as part of the company’s efforts to finish the housing project located near the Grand Mosque in Makkah as soon as possible, adding that the nominal value and number of the new shares assigned for subscription limited on shareholders would be determined after the stock exchange on the day of the general assembly meeting.

He said that the company hired a new contractor after the previous contractor postponed the project that aims at building thirty six residential towers containing 12,000 rooms within the next three years to meet the necessities of the growing number of pilgrims, in addition, the project would include constructing a pedestrian path with 40m width and 300m length from the end of King Abdul Aziz Road to the western courtyard of the Grand Mosque, passing through the residential project.

It is worth noting that Jabal Omar development company will construct part of the first ring road at its expense, from Umm Al-Qura Road to Ibrahim Khaleel Street with a 600 meters length. The project is designed to house 150,000 worshippers, including 85,000 on the prayer places of the residential towers and their courtyards.

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