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Contractors to enter massive merger in KSA

by Sarah Blackman on Dec 17, 2009

1 Comment

Massive contractor merger on the way in Saudi Arabia.

Eleven contracting firms are set to merge to form the Saudi Consolidated Contracting Company, worth US $1 billion (SR4 billion), it has been announced.

Non-listed companies operating in energy, construction, real estate and maintenance work will join together to form the entity in three years time, Jassim Al Rumaihi, its chief executive, told Reuters.

The final number of contracting firms will be agreed by July next year but, for now, consultants Ernst and Young are working on a financial plan for the companies.

FEATURED COMMENT

An interesting trend championed by Gulf Consolidated Contractors C0. Ltd. (GCC); however can 11 companies really unify?

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S. Avinash (Apr 20, 2011)

Re: Contractors to enter massive merger in KSA
An interesting trend championed by Gulf Consolidated Contractors C0. Ltd. (GCC); however can 11 companies really unify? AVINASH

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