Jabal Omar’s new subsidiaries to operate company’s hotels, malls: CEO

24/08/2017 Argaam

Jabal Omar Development Co.’s new subsidiaries, which will manage hotels and resorts as well as shopping malls, will run the company’s own venues, chief executive Yasser Al-Sherif told CNBC Arabia on Thursday.

 

“Going forward the new companies may also provide services for third parties,” Al-Sherif said, adding that the new entities will be positive for the company.

 

Jabal Omar will join hands with local investors to set up the 60 percent-owned shopping mall management firm.

 

The new subsidiaries could also enter into strategic partnerships with other advisory firms in the future, Al-Sherif added.

 

The Saudi developer announced a plan on Thursday to set up two subsidiaries with combined capital of SAR 20 million, Argaam reported. The first one will be 90 percent owned by Jabal Omar, while the second will be 60 percent-owned. 

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