New Straits Times

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.

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