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PricePricing / Valuation as on May 27, 2009Mkt capSh. outstandingKey statisticsSR19.1SR12.8bn ($3,415.3mn)671.4mn52 week range H/L (SR) 28.3/14.8Avg daily turnover (mn) SR US$3m 35.42 9.4612m 58.15 15.53Raw Beta 6m 1yr0.43 0.68ReutersBloomberg4250.SEJOMAR ABPrice perform (%) 1M 3M 12MAbsolute (%) 3 1 (25)Market (%) 6 32 (39)Sector (%) 11 19 (39)Website: www jabalomar comValuation multiples2006 2007 2008P/E (x) N/A N/A N/MP/B (x) N/A N/A 2.0P/Sales (x) N/A N/A N/ADiv yield (%) N/A N/A N/AWeightage (%)TASI (free float weight) 0.92MSCI SaudiN/AFree float (%)Free float 32.20Relative share price perf.11,0009,0007,0005,0003,000M ay-08 Aug-08 Nov-08 Feb-09 M ay-09TASITop 5 shareholders (%)302010Jabal Omar (RHS)Jabal Omar Establishment 50.6Makkah Construction and5.0Development Co.Source: NCBC Research-REAL ESTATE DEVELOPMENTJabal OmarAlso known asJabal Omar,JODCJabal Omar Development Company (Jabal Omar) is engaged in the real estatedevelopment in the Jabal Omar Area. The company buys, builds, develops, manages,rents, leases and sells land and properties, in cooperation with local and internationalsubcontractors. The company headquartered in Mecca was established in 2006.Company financials2008*YoY(%)CAGR(%)(05-08)Net Revenues SRmn - - -EBITDA SRmn (93) - -Net Income SRmn (53) - -Assets SRmn 6,704 - -Equity SRmn 6,661 - -Tot Debt SRmn - - -Cash & Equiv SRmn 946 - -EBITDA Mgn % N/A - -Net Mgn % N/A - -ROE % (0.8) - -ROA % (0.8) - -Div Payout % - - -EPS SR (0.1) - -BVPS SR 9.9 - -Source: Company, NCBC Research;* 2008 figures are for 14 months period ending December 2008Segment-wise business analysisProduct segment H108 Geographic H108%Rev % Net Inc Breakup %Rev % Net IncReal estate development 100.0 100.0 Saudi Arabia 100.0 100.0Source: Company, NCBC Research• Business brief: Jabal Omar builds accommodation for pilgrims visiting Mecca, whichincludes residential towers, hotels, commercial centers, as well as roads and parkingfacilities. The company’s major project, the Jabal Omar project is expected to becompleted in 2010. The project includes two five-star hotels, six three-star hotels, 20-storey residential buildings to accommodate 100,000 people, commercial centers,shops & showrooms, roads, tunnels, a central transport station, parking facility for12,000 vehicles and prayer facilities for 220,000 worshipers.• Financials: The company has not yet started generating revenues. In 14 monthsperiod ending December 2008, the company recorded SR72.4mn as investmentincome. However, the company reported a net loss of SR52.6mn during the period.• Recent developments: In May 2009, Jabal Omar assigned Al Rajhi Financialservices to arrange financing for its Jabal Omar real estate project worth USD3 bn. InApril 2009, the company terminated the deal with Jadwa Investment Company signedin July 2008. In Q1 09, Jabal Omar posted a loss of SR4.1 mn. In July 2008, thecompany announced its plans to construct an SR400 mn electricity distribution stationin Makkah. The company also signed a SR12.4 bn financing agreement with JadwaInvestment for a real estate project in Makkah.JUNE 2009JABAL OMAR241