Jabal Omar to Sell 400 Units, Fund Phase 7 Expansion

Jabal Omar Development Co. said it will sell 400 hospitality units and use the proceeds to develop Phase 7 of its Mecca project, a move that follows the inclusion of the Jabal Omar area among zones where non-Saudis can own real estate.

The company owns a portfolio of more than 6,500 hotel rooms and suites in the district near the Grand Mosque. Selling 400 units would free up capital for the next construction phase without adding debt, the developer said.

The decision comes as Saudi Arabia opens property ownership in designated Mecca and Medina zones to foreign investors, a policy shift that could widen the buyer pool for Jabal Omar's hospitality inventory. The company did not specify a timeline for the unit sales or the Phase 7 build-out.

Jabal Omar shares closed 1.2% higher on the Saudi exchange Sunday, outperforming the Tadawul All Share Index which fell 0.3%.