Announcements
Addendum Announcement from Jadwa Investment Regarding the Material Development on Jadwa REIT Al Haramain Fund
Mon, 12 April 2021
Description of the event:
Subsequent to the announcement made by Jadwa investment Company issued on the date of 04/02/2020 which includes the redevelopment plan of Tharawat Wadi Ibrahim Hotel and the restaurant building through merging the two properties and redeveloping them to a hotel tower.
The Fund manager announces that the two title deeds were merged into one title deed with total land area of 261 sqm. In addition, the architectural designs were approved and building permits have been obtained where the approved designs has optimized the allowable built up area and resulted in an increase in the hotel rooms from 85 rooms to 162 rooms (growth by 90%) and an increase in the building floors from 12 floor to 23 floor (growth by 91%).
Currently, the two old buildings were demolished and the development of the hotel tower has commenced where it is expected to be completed before Ramadan 1443H. Furthermore, the Fund manager will announce any new future developments related to the redevelopment of the hotel tower.
The financial impact is expected to be positive post redevelopment in the second quarter of 2022.