Jabal Omar spends SAR 2 bln of rights issue proceeds through April 19

Jabal Omar Development Co. has spent about SAR 2 billion of the total SAR 2.6 billion received through its rights issue that took place from June 6 to June 15, 2011, the company said in a statement to the Saudi Stock Exchange, Tadawul.

Through April 19, 2015, the developer has spent SAR 862 million on the first phase of the Makkah development project and SAR 350 million on paying back a bridge loan from Al-Rajhi Bank. As much as SAR 76 million were paid to cover the rights issue fees and cost, it added.

It has also spent SAR 716 million on the second phase of the project including, the design, infrastructure, and construction work. Up to 45 percent of its Makkah project is complete. 

Jabal Omar, which is 9.4 percent owned by the Saudi General Organization for Social Insurance (GOSI), added that it would spend the remaining SAR 567 million on the items stipulated in the rights issue booklet as planned.

The developer is engaged in developing and constructing the Jabal Omar area near the western side of the Grand Mosque in Mecca. It also rents and manages other premises in the area.