Riyadh – Mubasher: The Saudi real estate developer Jabal Omar Development has signed an agreement with Samaya Establishment for Commercial Services to lease the commercial centre of Jabal Omar Hilton Hotel and the conference centre in Makkah to establish cultural projects and museums.
Jabal Omar plans to build a religious and cultural museum emulating the features of Islamic civilisation, which is part of the Saudi Vision 2030, CEO Yaser Al Sharif said in a statement.
The museum will be located on Great Mosque of Makkah yard, Al Sharif added.
Collaboration with Jabal Omar started in 2017 through joining forces to implement cultural projects, Samaya Investment’s CEO stated.
Samaya Investments has already begun the building of three cultural museums coping with Makkah’s identity, while it is looking forward to launching the project at the beginning of 2020, the CEO said.
Jabal Omar last reported turning to profits during the third quarter of 2018, logging SAR 469.62 million, against a loss of SAR 593.97 million in the prior-year period.
In the first nine months of 2018, the Saudi Arabia-listed firm turned a profit, registering SAR 192.3 million against SAR 600.96 million in losses in the same period a year earlier.
By 11:39 am Saudi time, Jabal Omar Development’s stock rose 0.44% to SAR 34.25.
