Jabal Omar Real Estate Development Company has signed an agreement with Abdulmohsen Alhokair Tourism and Development Group to lease the Jabal Omar Marriott Hotel (a five-star hotel) located in the first phase of the Jabal Omar project for 15 years, the hotel includes 426 rooms and suites, two restaurants and meeting rooms, on the evening of Friday, June 9, 2017

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Jabal Omar Development Company explained that the annual rental value is SAR 33.5 million for the first year until the fourteenth year of the contract, and the fifteenth year has a rental value of SAR 31 million, bringing the total rental value to SAR 500 million for a total lease term of 15 years.

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The financial impact is expected to be positive starting from the current fiscal quarter of the current fiscal year, noting that this contract has no related party.