NOMW Capital, one of the leading integrated investment companies in the Kingdom of Saudi Arabia and the Middle East, recently acquired a plot of land for SAR 115 million in the Jarwal region of the holy city of Makkah. The company expects to greatly benefit from the land plot’s potential for religious tourism, given that it’s located no more than 1.6 kilometers away from the Grand Mosque.
Accordingly, NOMW Capital will make use of its NOMW Eskan Real Estate Fund to build a four-star hotel managed by a global brand to house the yearly influx of pilgrims. With the fourth floor recently completed, the hotel will be ready to host guests by the Hajj season of 1439 A.H.
In cooperation with the Eskan Development and Investment Company, a Saudi Arabian closed joint stock company specializing in the development and promotion of a diverse range of real estate projects, NOMW Capital obtained the requisite approvals. Bin Dabis for General Contracting, a leading construction company since 1421 A.H. with various large and medium-sized projects in different sectors under its belt, has been appointed as the contractor for the project. Due to the company’s team of seasoned fund arrangers and its relations with Bank Aljazira, the project received an investment amounting to SAR 114. million.
Dr. Abdulrahman Tolefat, Managing Director and CEO at NOMW Capital said: “Our acquisition is the result of our continuous work to invest in the land plot by building a hotel. This deal will push our business forward in the upcoming period, and stimulate the introduction of better products and services for all of our clients.”
He added, “Our values of honesty and integrity not only inform our commitment to the quality of our products and services, but also form the basis of our professionalism. Thus, setting us apart from our competitors and strengthening our relations with ourshareholders and investors.”
Dr. Abdulrahman Tolefat stated, “Since its beginnings, NOMW Capital has been keen on building a solid network of relationships with investors and financial institutions in the Gulf region. We want tointroduceproducts and services in a manner that corresponds to our investors’ aspirations and allows us to achieve our financial goals amid constant changes in market conditions.”