JODC temporarily suspends work at Saudi's Jabal Omar

Sunday, April 12, 2020

In light of the global spread of novel coronavirus (COVID-19) pandemic, Saudi Arabian stock market-listed Jabal Omar Development Company (JODC) has temporarily suspended all development work at the Jabal Omar project in the kingdom.

The company said in a stock market filing that its main activities have also been affected “due to the significant decrease in occupancy rates in its hotels and the temporary closure of its commercial centres in the Jabal Omar project”.

It added: “As a result, the company's revenue and profits for 2020 will be affected. While the company is currently unable to measure the total financial impact resulting from these decisions because of the lack of knowledge of the duration of the precautionary measures.”

JODC added that the suspension was incorporated following the kingdom’s decision to temporarily suspend Umrah and visiting visas, in addition to stopping international and domestic trips, and preventing entry to or exit from the city of Mecca.