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.
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