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Jabal Omar to log SAR 4bn revenues from Address hotel - CEO

Jabal Omar to log SAR 4bn revenues from Address hotel - CEO
Located in Makkah, Address hotel includes 741 rooms
JABAL OMAR
4250
34.86% 28.05 7.25

Riyadh – Mubasher: Jabal Omar Development is expected to generate between SAR 4 billion and SAR 4.5 billion in revenues from a fresh sale licence in the third phase of the Address hotel, CEO Yaser Al Sharif said.

Located in Makkah, the Address hotel includes 741 rooms, he added.

The licence will enable Jabal Omar to raise its sales, Al Sharif said, noting that there were 13,000 hotel units under development, in addition to existing 2,700 hotel units.

The Saudi real estate developer suffered SAR 600.97 million ($160.26 million) losses during the full-year 2017, against SAR 76.66 million ($20.44 million) in profits a year earlier.