ADFG and Jabal Omar Development Company Enter into Strategic Partnership
ADFG, the leading global investment group, and Jabal Omar Development Company (JODC), the largest publicly-listed realty company in Saudi Arabia, today announced the signing of a strategic partnership Memorandum of Understanding (MoU). The MoU enables both firms to discover opportunities for cooperation and partnerships associated with brand-new real estate advancement chances within the holy city of Makkah and throughout the Kingdom.
ADFG's real estate platform is branched out and ranges from establishing greenfield projects to purchasing earnings generating possessions. ADFG's profile presently includes premium residential, business, retail, hospitality and storage facilities across the UK, Middle East and Eastern Europe.
ADFG's key platforms include Northacre, a leading luxury property developer with an unrivalled 25 year record, that has created, developed and marketed over 2.2 billion of prime property sales in London. ADFG additionally handles the Etihad REIT, an AED 3.5 billion UAE-based Sharia Compliant Real Estate Investment Trust that buys earnings creating properties across household, business, logistics and mixed-use properties. SHUAA Funding Saudi Arabia, an entity majority had and managed by ADFG has actually been active in the Kingdom considering that 2008, where it has created a strong performance history. SHUAA Saudi manages a variety of extremely successful realty funds and has supplied a number of prime hospitality projects in Riyadh and Jeddah, with a 3rd project to be handed over soon in Dammam.
Through its real estate platform, ADFG will certainly offer its competence in advancement monitoring, design and advancement, project management and asset management. Moreover, ADFG will certainly sustain the developments via its various funding and structuring platforms.
JODC's flagship project, Jabal Omar, is a multi-use realty mega advancement project in the heart of Makkah. Inclusiving more than 2.5 million square meters of developed location, the project will include a multitude of skyscraper towers, international resorts, domestic units and industrial room, and will be delivered in stages. In addition to Jabal Omar, JODC is wanting to establish various other calculated locations of Makkah near the Grand Mosque, consisting of the restoration of poorly-developed areas into mixed-use tasks that make up resorts, household and business facilities as well as retailers.
Jassim Alseddiqi, Chief Executive Officer of ADFG, said: "JODC has invaluable experience in establishing intricate advancements in Makkah and we are happy to be partnering with them on upcoming advancement projects in the Kingdom. ADFG is already existing in Saudi through SHUAA Saudi. This partnership opportunity remains in line with ADFG's method to expand its impact into the Saudi market".
He added: "As a strategic partner, ADFG, with its different systems, will work with JODC to create the most suited strategies for the master advancement and to enhance resources structure. We waiting to dealing with JODC and contributing to the growth of the Saudi real estate field".
Yasser Al-Sharif, CEO of Jabal Omar, commented: "We are excited regarding the potential that this partnership might develop. ADFG has exceptional experience in real estate approach and distribution of high-end residential and hospitality jobs. The partnership in between the two events will certainly be a positive step to the Kingdom's desire to establish the Holy City of Makkah in line with the 2030 vision. JODC has an exciting pipe of growths in the Makkah region and welcomes the opportunity to explore such tasks with ADFG."
This critical partnership between JODC and ADFG will see the two companies collaborate on co-development, critical planning, design and construction, along with procedures, lease and sale strategies, and resources raising and structuring.
