Saudi builder Jabal Omar to close Umm Al Qura merger deal in 2018
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Riyadh
JABAL OMAR Development, one of Saudi Arabia's largest listed property developers, expects to finalise its merger deal with Umm Al Qura Development and Construction in 2018.
The deal, announced in November, is key to strengthening Jabal Omar's presence in the real estate market of the Muslim holy city 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's real estate market," Faisal Shaker, chief investment and development officer, told Reuters in an interview. "The size of King Abdulaziz Road (which Umm Al Qura Co is developing) is over 65 million square feet of built-up area. We aim to close the merger with Umm Al Qura in 2018."
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