Jabal Omar Development Company announced that it has submitted a non-binding letter of intent to the Board of Directors of Umm Al-Qura Development and Construction Company to acquire the entire company or a controlling stake in it.

Jabal Omar Development Company said in a statement. The company said in a statement that the determination of the acquisition share will be after the completion of the evaluation and due diligence work, and after fulfilling all the necessary requirements and regulatory approvals according to the regulations of the Capital Market Authority and all relevant official authorities, and indicated that if approved, a non-binding memorandum of understanding will be signed, which will include all stages of the acquisition process.

The company indicated in a statement that if approved, a non-binding memorandum of understanding will be signed, which will include all stages of the acquisition process. The company indicated in its statement that Umm Al-Qura's activity is based on the development and reconstruction of King Abdulaziz Road in the Holy Capital (the parallel road) and the sending of this letter by Jabal Omar Development Company comes from its desire to support the expansion of the company's main activities in the future.