Jabal Omar Development Company, Saudi Arabia's largest real estate developer in Mecca, appointed Waleed Al-Harthi as chief executive officer effective September 6, 2026, replacing Saleh Alhabdan who tendered his resignation for personal reasons. The board approved Alhabdan's departure on August 10 and announced the successor through the Saudi stock exchange. Al-Harthi inherits leadership of the publicly listed company at a moment of operational momentum; Jabal Omar reported 16 percent revenue growth in the first half of 2026 and a healthy 54.5 percent EBITDA margin, bolstered by new hotel openings and strong domestic tourism demand.
The appointment marks the third CEO change at Jabal Omar in under a year, reflecting significant executive transitions as the company executes an ambitious portfolio expansion. Alhabdan, who assumed the role in May 2025, will retain his board membership despite stepping down from operations. The company's statement on Tadawul provided no detail regarding executive search involvement or the rationale for selecting Al-Harthi, focusing instead on his professional credentials. The transition occurs as Jabal Omar manages construction of Phase 4 properties, refinances debt obligations, and capitalizes on a recent government approval allowing non-Saudi residents to own real estate in the Mecca area, an expansion the company views as broadening its investor base.
Al-Harthi brings more than two decades of executive experience concentrated in hospitality, asset management, and facility operations. Most recently, he served as chief executive of the Clock Towers (King Abdulaziz Endowment for the Two Holy Mosques), where he oversaw strategic initiatives at the government-owned Abraj Al Bait complex, one of the world's tallest building complexes adjacent to the Grand Mosque. In that role, he focused on developing and enhancing services for pilgrims while improving asset efficiency and operational partnerships. His earlier career includes senior positions at utilities and telecommunications companies including NWC and Mobily, and stints with petrochemical giant SABIC. Al-Harthi holds a bachelor's degree in electrical engineering from King Fahd University of Petroleum and Minerals, providing him technical grounding alongside his operational management record.
Jabal Omar Development, established in 2006 and listed on Saudi Tadawul in 2007, operates as a major mixed-use developer with a market capitalization of approximately 5.2 billion dollars. The company's flagship Jabal Omar Destination project spans 235,000 square meters and includes eight luxury hotels across 18 towers with 7,800 hotel rooms and 200 residential units. Revenue streams derive primarily from operating hotels managed by international chains including Accor Group and Rotana Hotels, commercial malls generating leasing income, and residential property sales and long-term leases. In November 2025, Jabal Omar signed agreements with Accor and Rotana to operate seven towers, underscoring a strategic shift toward asset-light hotel management partnerships. Total assets reached 7.3 billion dollars as of September 2025, with the company reporting net profit of 275 million Saudi riyals in the first half of 2026 compared to 904 million riyals the prior year, a decline driven by non-recurring gains from land sales and debt restructuring in 2025.
The appointment signals Jabal Omar's confidence in operationally focused leadership as it navigates elevated leverage and asset maturation. With debt standing at 9.1 billion riyals as of mid-2026 and finance costs declining 31 percent year-over-year following debt repayment, the company appears intent on emphasizing operational performance and asset efficiency under Al-Harthi's hospitality and facilities management background. His experience managing large-scale hospitality complexes with intense pilgrim demand may prove directly applicable to optimizing Jabal Omar's hotel portfolio during peak Hajj and Umrah seasons. The rapid turnover in executive leadership could signal either organizational strain or strategic reshuffling; Al-Harthi's technical engineering background combined with demonstrated operations experience suggests the board may be positioning for disciplined capital allocation and execution over growth-driven strategy, especially as government policy changes expand the developer's addressable market for the first time in its history.
