Jabal Omar losses widen on hotel closures in Makkah

DUBAI: Jabal Omar Development Co. reported a widening first-quarter loss as hotels in Makkah were forced to close amid the pandemic.
The developer that is spearheading the vast redevelopment of land around the Grand Mosque in the holy city, said losses widened by 45 percent to SR345.3 million ($92 million). Sales fell 89 percent to SR21.6 million, it said in a stock exchange filing on Tuesday.
It blamed the performance on the “significant decline in revenues due to the decrease in the occupancy rate of hotels and commercial malls.”