The agreement aligns with Jabal Omar's strategy to optimize its capital structure by reducing debt and funding ongoing projects. Proceeds from the sale will be allocated towards loan repayment and project financing. The company anticipates a positive impact on its financial results upon completion of the transaction.
Azhar Company, a diversified Saudi firm, operates across sectors including construction, real estate development, entertainment, medical services, trading, manufacturing, education, and specialized Hajj services. The forthcoming hotel project is expected to significantly contribute to Makkah's hospitality offerings, catering to the increasing number of pilgrims and visitors to the holy city.
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Saudi Arabia