Mega project set for Makkah

NEW DEAL: Jabal Omar Company on Saturday signed a $3.3 billion agreement with Jadwa Investment to finance a major real estate project in front of the Grand Mosque in Makkah (pictured). (Getty Images)

Jabal Omar Company on Saturday signed a $3.3 billion agreement with Jadwa Investment to finance a major real estate project in front of the Grand Mosque in Makkah.

The agreement was signed at Jeddah Hilton by Abdul Rahman Faqeeh, chairman of Jabal Omar Company, and Ahmed Al-Khateeb, managing director and CEO of Jadwa, Saudi daily Arab News reported on Sunday.

Prince Faisal bin Salman, chairman of Jadwa, said his company’s efforts to win the financing of the project reflected its importance, as the project was located at the holiest place for Muslims across the world, and would serve pilgrims who come for Haj and Umrah from different parts of the globe.

“Jadwa Investment, which was established two years ago and has a capital of $1.6 billion, intends to finance large-scale projects in the kingdom and provide companies with financial consultancy services. Our first project was with Saudi Aramco,” Prince Faisal said.

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