Saudi's Jabal Omar inpact with Government

16 December 2011: Saudi developer Jabal Omar has signed a SR3bn ($800m) loan agreement with the finance ministry to complete some of its projects in Mecca, Reuters has reported. The loan will be repaid over eight years, two of which are a grace period. Last year, in October, the firm secured a SR1.35bn bridge loan from local banks and said it will finance it through the SR5bn syndicated loan. Jabal Omar is in charge of developing an area near the Grand Mosque in Mecca, Islam's holiest city. The project will include luxury hotels, shops and houses.

Source: Ameinfo