Jabal Omar development offers potential for investors

MECCA: The SR18.4 billion (US$3.2 billion) Jabal Omar mixed property development project here offers potential for Malaysian investors especially in the real estate sector.

Covering 22.8 hectares, the project is located close to the Grand Mosque. Shuja Zaidi, advisor to the Jabal Omar Board chairman, said, "When the project is completed, it is expected to accommodate 45,000 residents and 150,000 worshippers all-year round. The increase in room supply will also allow for the increase in the number of arrivals from all markets, including smaller feeder markets such as Morocco and Spain," he told Bernama after a briefing to the Malaysian delegation on Monday May 3.

The Raja Muda of Perak, Raja Dr Nazrin Shah, is currently heading a delegation to the United Arab Emirates and Saudi Arabia to create investment linkages between Malaysia and the two Gulf states.

The roadshow is organised by the Malaysian International Islamic Financial Centre, an initiative to position Malaysia as an international Islamic financial hub.

Shuja, who is also general manager of Makkah Hilton and Towers, said the major hotel brand was currently in negotiations to take a portion of Jabal Omar. He however did not divulge further details.

The massive project, slated for completion in 2013, will create a model residential and commercial centre, with new roads, pathways, tunnels, electrical stairs, and related facilities.

Currently, 20 per cent of the project has been completed. Construction of other public projects around the area, which is expected to be completed at the same time with Jabal Omar, will also complement development of
the real estate project. -- Bernama