Greater Malaysian Interest Sought For Jabal Omar Development From Jeffri Mohd Rafiee

RIYADH, Oct 11 (Bernama) -- Jabal Omar Development Company has invited greater Malaysian interest including Tabung Haji to participate in the 60-acre (24-ha) real estate project near the Grand Mosque (Masjidil Haram) in Makkah.

International Trade and Industry Minister Datuk Mustapa Mohamed, who is on the final leg of his week-long trade and investment mission to three Arab countries, said the project involved SR18 billion (about RM17.1 billion).

"Work has started. They are inviting Malaysian investors including Tabung Haji to rent part of the area that is under development.

"God willing, we are able to hold meetings with the relevant parties in Malaysia to encourage them to invest in this project," he told Bernama here Saturday.

Jabal Omar Development Company, listed on the Saudi Stock Exchange, is the real estate investment, development and property manager of Jabal Omar.

The project, primarily aimed at providing better housing facilities for pilgrims, would have 92 multi-storey buildings, 27 five-star and four-star hotels, parking for 12,000 vehicles, commercial centres, 4,500 shops and 3,000 showrooms, a central transport station and prayer facilities for 202,000 worshippers.

The land and infrastructure part of the project, is scheduled for completion next year.

Presently, Malaysian companies involved in the project include builders Ahmad Zaki Resources and United Engineers.

Mustapa said he had also been briefed by Saudi Arabia-Malaysia Business Council chairman Dr Sheikh Ghassan Al-Sulaiman on the possibility of enhancing further bilateral cooperation including the participation of Malaysian companies in several integrated tourism projects.

"This is one field that is being developed by Saudi Arabia. Previously, tourism was seen as a less convincing sector but today, many of the Gulf nations including Saudi Arabia are diversifying their economies.

"In the past, they relied too much on oil and gas. Today, they all want to diversify their economies and I was briefed that tourism is one of the sectors in focus."

He said the sector was open not only for Saudis but but for people in the Gulf region as well.

"Therefore, the opportunity for Malaysian companies is really good," he said," he said.

-- BERNAMA