Jabal Omar sees stronger earnings, cash flows as hotel assets mature

Waleed Al Harthi, CEO of Jabal Omar Development, says the company plans to capitalize on regulations allowing non-Saudis to own real estate in Makkah.

Jabal Omar Development Co. expects a significant improvement in profitability and cash flows as its hotel assets reach operational stability, said CEO Waleed Al Harthi.

“Half of the company’s hotel asset portfolio is still in the ramp-up phase toward stabilized operations,” he said in the company’s Q3 2026 financial statement.

The developer continues to implement its strategy, which includes completing the remaining components of phase 4, enhancing the performance of its asset portfolio and finalizing studies for the development of phase 7, he noted.

Jabal Omar aims to capitalize on recent regulatory changes allowing non-Saudis to own real estate in Makkah by offering a selection of luxury hotel residential units for sale and using the proceeds to reduce debt, Al Harthi said.

According to data compiled by Argaam, Jabal Omar Development's net profit fell to SAR 13.51 million in the first nine months of 2026, compared to SAR 1.1 billion in the year-earlier period. It posted a net loss of SAR 261.61 million in Q3 2026.