Riyadh – Mubasher: Jabal Omar Development on Tuesday signed a memorandum of understanding (MoU) with the Indian firm, The Oberoi Hotels & Resorts, to inaugurate the first hotel for Oberoi in Jabal Omar project in Makkah.
The contract was signed in Mumbai by Oberoi’s chairman Prithvi Raj Singh and Jabal Omar’s CEO Yaser bin Faisal Al Sharif, according to a statement.
No further details were provided on the value of the deal and the date of opening the hotel.
The Saudi real estate developer suffered SAR 60.8 million losses in the third quarter of 2017, against SAR 63.4 million profits in the same period a year earlier.
By 10:44 am KSA time, Jabal Omar’s stock inched up 0.97%, reaching SAR 60.40.
