Sunday 29 April 2018
From Right, Yasser Alsharif CEO of Jabal Omar and Jassim Alseddqi CEO of ADFG
Abu Dhabi - MENA Herald:

ADFG, the leading global investment group, and Jabal Omar Development Company (JODC), the largest publicly-listed real estate company in Saudi Arabia, today announced the signing of a strategic partnership Memorandum of Understanding (MoU). The MoU enables the two companies to explore opportunities for collaboration and partnerships associated with new real estate development opportunities within the holy city of Makkah and throughout the Kingdom.

ADFG’s real estate platform is diversified and ranges from developing greenfield projects to investing in income producing assets. ADFG’s portfolio currently includes high-end residential, commercial, retail, hospitality and warehouses across the UK, Middle East and Eastern Europe.

ADFG’s key platforms include Northacre, a leading luxury real estate developer with an unrivalled 25 year track record, that has designed, developed and marketed over £ 2.2 billion of prime residential sales in London. ADFG also manages the Etihad REIT, an AED 3.5 billion UAE-based Sharia Compliant Real Estate Investment Trust that invests in income producing properties across residential, commercial, logistics and mixed-use assets. SHUAA Capital Saudi Arabia, an entity majority owned and controlled by ADFG has been active in the Kingdom since 2008, where it has developed a solid track record. SHUAA Saudi manages a number of highly successful real estate funds and has delivered several prime hospitality projects in Riyadh and Jeddah, with a third project to be handed over soon in Dammam.

Through its real estate platform, ADFG will offer its expertise in development management, design and development, project management and asset management. Furthermore, ADFG will support the developments through its various financing and structuring platforms.  

JODC’s flagship project, Jabal Omar, is a multi-use real estate mega development project in the heart of Makkah. Encompassing more than 2.5 million square meters of built up area, the project will include a large number of high-rise towers, international hotels, residential units and commercial space, and will be delivered in phases. In addition to Jabal Omar, JODC is looking to develop other strategic areas of Makkah close to the Grand Mosque, including the reconstruction of poorly-developed areas into mixed-use projects that comprise hotels, residential and commercial facilities as well as retail stores.

Jassim Alseddiqi, CEO of ADFG, said: “JODC has invaluable experience in developing complex developments in Makkah and we are delighted to be partnering with them on upcoming development projects in the Kingdom. ADFG is already present in Saudi through SHUAA Saudi. This partnership opportunity is in line with ADFG’s strategy to expand its footprint into the Saudi market”.  

He added: “As a strategic partner, ADFG, through its various platforms, will work with JODC to develop the most suited strategies for the master development and to optimize capital structure. We look forward to working with JODC and contributing to the growth of the Saudi real estate sector”.

Yasser Al-Sharif, CEO of Jabal Omar, commented: “We are excited about the potential that this partnership may create. ADFG has unparalleled experience in real estate strategy and delivery of high-end residential and hospitality projects. The collaboration between the two parties will be a positive step towards the Kingdom’s desire to develop the Holy City of Makkah in line with the 2030 vision. JODC has an exciting pipeline of developments in the Makkah region and welcomes the opportunity to explore such projects with ADFG.”

This strategic partnership between JODC and ADFG will see the two companies collaborate on co-development, strategic planning, design and construction, as well as operations, lease and sale strategies, and capital raising and structuring. 

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