Jabal Omar Hotels rebound in Q2

Jabal Omar Development Company recorded profits of 158 million riyals in the second quarter, compared to a loss of 42 million riyals in the same period last year, driven by increased hotel earnings, a decline in impairment provisions, and lower financing costs. Quarterly revenues also grew by 42.5% to 715 million riyals, thanks to the performance of hotels, especially during the Hajj season, and the opening of the Rove Hotel. The company indicated that it benefits from the decision allowing non-Saudis to own real estate in Mecca, aiming to attract investors and drive demand growth, as it nears completion of its projects and moves towards stabilizing its assets and financial results.

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