Jabal Omar submits non-binding letter of intent to acquire Umm Al Qura Development

Jabal Omar Development Co. has submitted a non-binding letter of intent to the board of Umm Al Qura Development & Construction Co. to acquire a controlling stake or fully acquire the company.

The size of the stake will be determined after completing the valuation process, due diligence test, and all regulatory requirements and approvals required by the Capital Market Authority (CMA) and other regulatory bodies, the company said in a statement on Tadawul.

If approved, the two companies will sign a non-binding memorandum of understanding containing all stages of the acquisition process.

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