Jabal Omar eyes off-plan sales in Jeddah, Madinah: CEO

Jabal Omar Development Company plans to expand to Jeddah and Madinah, especially in terms of off-plan sales, CEO Yasser Al-Sharif told Al Arabiya in an interview.

“The new projects will be implemented in partnership with other firms, whether local or international, which have the expertise and added-value that would benefit the customers,” Al-Sharif said.

He pointed out that the developer would finance its future projects by issuing new financial products, restructuring its existing debt, or issuing investment funds. “A sukuk issuance of up to SAR 2 billion is expected soon, as we can see high demand for our sukuk,” he noted.

The real estate developer might invest its own capital in financing the projects or enter as a developer, which is the best model for the company, Al-Sharif mentioned.

The company’s Q4 2018 period saw an improvement in off-plan sales, which is expected to reflect on the quarter’s results. “The firm’s results are expected to be positive as the company has adopted a new business strategy that will not only boost profits but also help achieve expansion plans,” he said.

Al-Sharif expects the company to ‘leap significantly’ in 2019, adding, “the growth will mainly be due to the rise in off-plan sales.”

He pointed out that Wafi products gave the firm a significant boost in terms of off-plan sales for both individuals and investment funds.

“We started selling off-plan units at the Address Hotel Tower 1, which witnessed a big turnout. We hope for long-term leasing by non-Saudis as it will have a great impact on the firm’s results,” he concluded.