Saudi's Jabal Omar eyes acquisition of Umm Al-Qura
Jabal Omar Development Company intends to acquire, in total or partially, Umm Al-Qura Development and Construction, as a move to support its future plans
Jabal Omar Development Company has reportedly announced its intention to acquire fully – or a controlling stake in – Umm Al-Qura Development and Construction.
According to an Al Arabiya report cited by ar.constructionweekonline.com, the acquisition offer will be confirmed after the completion of evaluation and non-disclosure examinations.
All necessary regulatory requirements and approvals will be met in accordance with Capital Market Authority (CMA) regulations and other relevant official bodies.
If approved, a non-binding memorandum of understanding will be signed between both companies, which will include all stages of the acquisition.
Umm Al-Qura's activity in the kingdom includes the development and reconstruction of King Abdul Aziz Road in the Holy City of Mecca.
The move is reportedly aimed at supporting Jabal Omar's expansion plans.