Saudi firms to close merger this year

RIYADH: Jabal Omar Development Co expects to finalise its merger deal with Umm Al Qura Development and Construction this year, a senior executive said. The deal, announced in November, is key to strengthening Jabal Omar’s presence in the real estate market of Mecca beyond its flagship project within walking distance of the Grand Mosque to help tap growth in tourism. “A key objective of this deal is basically to add value to Mecca real estate market,” said chief investment and development officer Faisal Shaker.