All encompassing: plans for the Mecca project under the stewardship of Jabal Omar Development include hotels, shops, air-conditioned prayer facilities, and housing.
All encompassing: plans for the Mecca project under the stewardship of Jabal Omar Development include hotels, shops, air-conditioned prayer facilities, and housing.

Green light for Mecca project



The developer of a long-delayed US$8.8 billion (Dh32.32bn) project in the heart of Mecca has signed a deal to start construction on a large portion of the development.

Jabal Omar Developmentsays it has it awarded a 3.4 billion riyal (Dh3.3bn) contract to Nesma & Partners Construction for a phase of the development to be built near the Grand Mosque. Nesma was given a 24-month contract to start work on a section of the project overlooking Ibrahim al Khalil Street, according to a statement Jabal Omar issued to the Saudi Arabia bourse yesterday.

Plans for the overall development call for at least three luxury hotels, hundreds of shops and air-conditioned prayer facilities for 100,000 worshippers, as well as housing for 87,000 people. The first phase is expected to include nine towers along Ibrahim al Khalil and Umm al Qura streets, overlooking the Grand Mosque.

The project is considered a key element in the redevelopment of Mecca, which analysts say has been long overdue for an upgrade in services. Six hundred properties have reportedly been organised for Jabal Omar's redevelopment project.

"By consolidating land holdings, they now have the opportunity to develop large-scale tourist facilities," said John Harris, the head of the Saudi Arabia office for Jones Lang LaSalle.

Jabal Omar was formed in 2006 by the Makkah Construction and Development Company to undertake the project. The company raised $537 million in 2007 by offering a 30 per cent stake in the company in an initial public offering. Initial construction of 15 towers started in September 2008.

But the company struggled to raise financing to fund the bulk of the project because of global credit tightening and a drop in oil prices.

The company's prospects were also hampered by fallout from the troubles at Saad Group and Ahmad Hamad Al Gosaibi and Brothers, which left Saudi Arabia exposed to billions of dollars of losses.

In 2008, Jabal Omar hired Jadwa Investment to raise funds but replaced the company in April with Al Rajhi Financial Services, a subsidiary of Al Rajhi Bank, the world's largest Islamic lender.

"The new developments proposed for Mecca are of such a scale it takes a long time to put financing together," Mr Harris said.

But analysts say demand for new facilities in Mecca is high.

The number of pilgrims is expected to double within the next decade, according to a Jones Lang LaSalle study, which also found that only 10 per cent of the hotels in Mecca met international standards. In October, Jabal Omar announced 1.35 billion riyal of bridge loans from five banks, as well as plans to issue sukuk worth 3bn riyals.

In a statement issued when the funding was announced, Abdul Rahman bin Abdul Qadir Faqih, the Jabal Omar chairman, said: "We are fully committed to completing this mega-project, which serves visitors to the [Masjid al] Haram, a landmark so precious to the hearts of all Muslims around the world."

On Sunday, the company reported an 11.3m riyal loss for the fourth quarter compared with a 1.5m riyal loss in the same quarter last year. For the nine months ending on September 30, the company said it lost 25.7m riyals compared with a loss of 21.53m riyals for the same period last year.

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Cricket World Cup League Two

Teams

Oman, UAE, Namibia

Al Amerat, Muscat

 

Results

Oman beat UAE by five wickets

UAE beat Namibia by eight runs

Namibia beat Oman by 52 runs

UAE beat Namibia by eight wickets

 

Fixtures

Saturday January 11 - UAE v Oman

Sunday January 12 – Oman v Namibia

Pari

Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment

Director: Prosit Roy

Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani

Three stars

Wenger's Arsenal reign in numbers

1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.

RESULTS

Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)

Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)

Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)

Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)

Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)

Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)

Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)

Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)

Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)

Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)

TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

Scoreline

Liverpool 3
Mane (7'), Salah (69'), Firmino (90')

Bournemouth 0

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A

Watch live

The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.

You can find out more here

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Bharatanatyam

A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.

((Disclaimer))

The Liechtensteinische Landesbank AG (“Bank”) assumes no liability or guarantee for the accuracy, balance, or completeness of the information in this publication. The content may change at any time due to given circumstances, and the Liechtensteinische Landesbank AG is under no obligation to update information once it has been published. This publication is intended for information purposes only and does not constitute an offer, a recommendation or an invitation by, or on behalf of, Liechtensteinische Landesbank (DIFC Branch), Liechtensteinische Landesbank AG, or any of its group affiliates to make any investments or obtain services. This publication has not been reviewed, disapproved or approved by the United Arab Emirates (“UAE”) Central Bank, Dubai Financial Services Authority (“DFSA”) or any other relevant licensing authorities in the UAE. It may not be relied upon by or distributed to retail clients. Liechtensteinische Landesbank (DIFC Branch) is regulated by the DFSA and this advertorial is intended for Professional Clients (as defined by the DFSA) who have sufficient financial experience and understanding of financial markets, products or transactions and any associated risks.

The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 

Checking In

Travel updates and inspiration from the past week

      By signing up, I agree to The National's privacy policy
      Checking In