Jabal Omar picks Goldman Sachs as merger advisor

Jabal Omar Development Co. has hired Goldman Sachs Saudi Arabia as financial advisor for its planned merger with Umm Al Qura for Development & Construction Co., the developer said in a statement to Tadawul on Sunday.

The deal is still under study and Jabal Omar will announce the related developments later on, the statement added.

Both companies signed a non-binding six-month memorandum of understanding for a potential merger in September.
 

Jabal Omar had earlier said it intends to support Umm Al Qura’s future expansions and activities, which include developing the King Abdulaziz Road in Makkah.