Omnia MarketsDeveloper · Saudi Arabia
Jabal Omar Makkah CEO plans hotel unit sales after Q3 loss.
Waleed Al Harthi said Jabal Omar Makkah, a short distance from the Haram, will offer hotel residential units to non-Saudis under the new ownership rules and use proceeds to cut debt, with half its hotels still ramping up.
Argaam reported on 1 November 2026 that Waleed Al Harthi, chief executive of Jabal Omar Development, said the company expects stronger profitability and cash flows once its hotel assets reach stable operations. He stated in the firm’s third-quarter 2026 results that half of the hotel portfolio remains in the ramp-up phase. The company is completing the rest of phase 4, lifting asset performance and finishing studies for phase 7.
Al Harthi said Jabal Omar aims to use recent rules that let non-Saudis own real estate in Makkah by selling a selection of hotel residential units and applying the proceeds to reduce debt. Argaam’s compiled figures showed net profit of SAR 13.51 million for the first nine months of 2026, down from SAR 1.1 billion a year earlier. Argaam’s figures put the third-quarter 2026 result at a net loss of SAR 261.61 million. No sale prices, unit counts or exact launch dates were given.
From the JournalRiyadh vs Jeddah: where to live, and what changes by neighbourhood.Our take
Omnia Desk
Hotel-unit guidance, not a freehold map change for ordinary buyers.
This is company strategy, not a fresh statute. Jabal Omar is signalling it will package hotel residential stock for non-Saudis and retire debt; that does not rewrite who may hold ordinary freehold title in the holy city. Our report on the ownership law already notes that Makkah remains tightly limited for non-Saudis outside the mapped exceptions, so a foreign buyer still starts with the live Saudi Properties check rather than a developer press line.
Transfer maths is unchanged: budget the stack set out in the Gulf buyer costs tracker, where the 5% RETT plus the 2% non-Saudi fee applies on covered Makkah exits. Nothing in today’s remarks moves the off-plan escrow bands or completed-home starting prices we list elsewhere. If you are weighing hotel or mixed-use exposure rather than a simple apartment, treat the CEO’s ramp-up comment as an operating risk flag and confirm any unit sits inside an approved zone before reservation.
Sources
About Omnia Markets- 1Argaam · 1 November 2026Jabal Omar sees stronger earnings, cash flows: CEO(opens in a new tab)
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