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SAUDI ARABIA - Real Estate & Construction

Khalid Al Amoudi

CEO, JABAL OMAR DEVELOPMENT COMPANY (JODC)

Bio

Khaled Al Amoudi has been CEO of JODC since 2019. He has over 20 years of experience specifically in the financial services industry. Al Amoudi started his career at the National Commercial Bank and quickly assumed leadership positions in banking and real estate finance. Prior to joining JODC, he held several leadership positions, most recently as general supervisor and chairman deputy of the Board of the Real Estate Development Fund (REDF), chairman of the Housing and Finance Committee (Sakani Program), and member of the board of Iskan Program. Al Amoudi holds a bachelor’s degree in industrial management major in marketing from King Fahd University of Petroleum and Minerals in Dhahran. He has received several certificates and awards in varies fields.

"We are reimagining and redefining the pilgrims’ experience."
One of the largest real estate developers in the region and listed companies on the Saudi Tadawul Stock Exchange, JODC develops projects in the high-end retail, hospitality, and residential sectors.
2019 marked your appointment as a CEO of JODC. What are the main highlights and milestones achieved by the company since you started mandate?

I am fortunate to be leading one of the largest real estate developers in the Kingdom and the developer of the iconic Jabal Omar Project in the heart of Makkah. My focus since I took office was to lead a company that is strategically aligned with the goals of Vision 2030: to improve the quality of service for pilgrims and welcome 30 million pilgrims by 2030. I wanted JODC to redefine the pilgrim experience, reshape Makkah’s urban landscape, and be recognized as one of the Kingdom’s most iconic developments that will enrich the pilgrims’ experience. However, I took office a few months before the pandemic, and when the government took necessary but strict measures to lock down the country, this dealt JODC a heavy blow. I built a task force with strategic objectives to manage this unprecedented situation. We also had to turn our focus to ensuring JODC was in optimal financial and operational shape to realize our goals. We developed a comprehensive transformation strategy, were disciplined in our execution, and made significant progress toward delivering on three strategic priorities: optimizing our capital structure to enable sustainable and profitable growth; optimizing our operations and reducing our cost base to create a leaner, resilient, and more agile company; and expedite project delivery to help generate greater value and support the Kingdom in achieving the goals of Vision 2030. Today, we are a leaner, more agile, and financially sound company that is in a stronger position to benefit from the strong recovery in the haj and umrah sector, the attractiveness of Saudi Arabia as a tourist destination, and the structural changes that will drive growth in Makkah’s real estate sector.

In terms of projects, how is JODCO’s portfolio currently composed, and how is it evolving?

The Jabal Omar project is comprised of seven phases, with a land area of over 235,000 sqm and a built-up area of over 2.5 million sqm. Most of our portfolio is made up of high-end hospitality and retail assets; we also have high-end residential units. To date, six hotels have been completed and are fully operational across 12 towers and include 3,444 rooms and suites. In terms of commercial space, we have operational 50,000-plus sqm in a gross leasable area leased to some of the popular fashion and F&B brands with an open opportunity for the high-end retail brands. We expect to see 2,613 new hotel rooms coming online once phases 2 and 3 are handed over and an additional 1,798 rooms once phase 4 is completed. We also expect to add over 20,000-plus sqm in the gross leasable area to our commercial portfolio. We have already signed agreements with world-leading hotel operators that will operate the hospitality assets currently under construction, including Jumeirah Hotel Group, Address Hotel, H Hotel, and Archipelago.

How is JODC working to transform Mecca into a sophisticated reflection of the Kingdom, while fostering partnerships and cooperation with entities, agencies, and private-sector companies?

We are reimagining and redefining the pilgrims’ experience. By developing an iconic destination unlike any other in the world, we are capturing the spiritual, cultural, and historic essence of the Holy City while also providing the pilgrims and visitors with the luxury five-star services and facilities that they would expect to receive at any tourist destination around the world. We are working closely with the Ministry of Hajj and Umrah and the Ministry of Tourism to ensure that we are fully aligned with their objectives and to help in realizing the goals of Vision 2030. We have also teamed up with other crucial players in the tourism and hajj and umrah ecosystem, such as Saudi Airlines, specifically their holiday booking platform, to promote hotels in Jabal Omar.

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