Yasser bin Faisal Al-Sharif, CEO of Jabal Omar Development Company, is spearheading one of the most ambitious real estate developments in Makkah. Securing investment for a project of this magnitude is a complex challenge, but following what he describes as an “inspiring” year in 2017, the CEO is moving forward with confidence.
The area surrounding the Grand Mosque is currently dominated by large-scale construction, as the holy city undergoes extensive expansion to meet the rising demand generated by millions of annual pilgrims. Launched in 2011, the expansion is estimated to cost over $26 billion and, once completed, will enable the mosque to accommodate more than 1.6 million worshippers at a time.
Within walking distance of this historic transformation lies one of the largest real estate developments in the region. The Jabal Omar project spans approximately 230,000 square meters and, upon completion, will include retail malls, residential units, and luxury hotels operated by leading global brands such as Conrad, Hyatt Regency, and Four Seasons.
Established in 2007 to bring this landmark development to life, Jabal Omar Development Company has grown into one of the world’s largest public real estate companies. According to FORBES, the company reported a market capitalization of $16.9 billion in May 2017. Leading this vast undertaking is Yasser bin Faisal Al-Sharif, who brings extensive experience from senior roles held at multinational companies in Saudi Arabia. His strong academic and professional background in finance and risk management has been instrumental in guiding the company’s operations. “Risk is our friend,” he notes, “as long as we price it correctly.”
2017: A Year of Milestones
The year 2017 marked a period of significant achievement for Jabal Omar. It began with the opening of the Jabal Omar Hilton, the company’s fifth hotel operated by a five-star international brand, and concluded with the launch of the largest publicly offered real estate fund in the local market at the time. This momentum paved the way for future growth and expansion.
A key factor behind this success was the establishment of a strong financial framework focused on sustainability, disciplined risk management, and long-term growth. The company leveraged the Alinma Fund during the year, allowing for early repayment of a SAR 4 billion loan and a substantial reduction in debt.
In parallel, Jabal Omar initiated the launch of subsidiary companies across different sectors. Two affiliated companies were established during the year, with additional ventures planned. One subsidiary focuses on hotel and asset management, while the other oversees shopping mall operations.
Another notable achievement was the signing of an agreement with Foster + Partners to design an iconic tower that will house the first luxury hotel and residential project adjacent to the Grand Mosque, operated by Four Seasons. Agreements were also signed with several other internationally recognized hospitality operators to manage additional hotels.
Economic Impact and Vision Alignment
Jabal Omar plays a significant role in supporting Makkah’s economy and creating employment opportunities for Saudi citizens. The project aligns closely with the Kingdom’s broader strategy to expand and enhance the Hajj and Umrah experience, enabling a greater number of pilgrims to visit and ensuring their journeys are better accommodated.
As part of the largest expansion of the Grand Mosque in Islamic history, national plans aim to increase capacity to 30 million pilgrims and Umrah visitors in the coming years. Jabal Omar’s developments support this goal by offering high-quality accommodation and services, while also introducing visitors to Islamic and Saudi heritage through museums and cultural initiatives.
Investor Interest and Market Confidence
Demand from local investors has been particularly strong, spanning a variety of financial and investment products as well as personal-use properties. Interest from international investors has also increased, opening the door for global participation from Muslim communities worldwide and contributing to broader economic development.
The project’s strategic location and unique market position underpin its investment appeal. Studies indicate long-term value appreciation, positioning Jabal Omar as a stable investment option. Growth in pilgrim numbers, driven by national development goals and the expansion of the Grand Mosque, is expected to further strengthen demand.
Future Expansion and Strategy
The company’s hospitality strategy focuses on delivering a diverse and premium visitor experience by partnering with leading global hotel operators. While its primary focus remains on Makkah and Madinah, Jabal Omar plans to expand through subsidiaries and strategic partnerships.
Rather than prioritizing a single sector, the company emphasizes integration across hospitality, retail, and residential offerings. The objective is to deliver a seamless lifestyle experience that enhances the overall visitor journey.
Financial Sustainability and Growth
Jabal Omar continues to explore innovative financial structures to support sustainable growth, including the creation of real estate funds to finance future expansion. The company is also diversifying its funding sources and optimizing its capital structure, with plans to access the international Sukuk market—potentially making it the first project in Makkah to do so.
Looking ahead, the company expects steady organic growth through operations and expansion, whether achieved through partnerships, mergers, or acquisitions. The central focus remains value creation for partners, customers, and shareholders alike.
