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Saudi's Jabal Omar Development Co inks merger MoU

The Saudi Arabian developer had announced its intention to acquire a full or partial stake in Umm Al-Qura Development and Construction this August

Saudi's Jabal Omar Development Company intends to acquire a stake in Umm Al-Qura, which has previously worked in Mecca [representational image].
Saudi's Jabal Omar Development Company intends to acquire a stake in Umm Al-Qura, which has previously worked in Mecca [representational image].

Saudi Arabia's Jabal Omar Development Company (JODC) announced it has signed a non-binding memorandum of understanding (MoU) with Umm Al-Qura Development and Construction.

This August, JODC reportedly announced its intention to acquire fully – or a controlling stake in – Umm Al-Qura Development and Construction.

According to the MoU, which is valid for six months, both parties will appoint a financial advisor each to complete all the necessary studies for the evaluation and examination process, and then agree on the final details of the deal.

Necessary approvals will be taken from the concerned parties during this period. 

In a filing to the Saudi bourse, JODC said "there is currently no financial impact" caused due to the "merger, because studies are still in place".

JODC's chief executive officer (CEO), Yasser Faisal Al-Sharif, was recently ranked within Construction Week's Top 50 GCC Developers list.

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. 

 

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Construction Week - Issue 746
Jul 20, 2019