Saudi firms eye SR4bn merger

ALKHOBAR: Eleven contracting firms operating in energy and other sectors are to merge in three years time to form a new entity worth up to SR4 billion Saudi ($1.07 billion), an executive said on Tuesday.

Saudi Consolidated Contracting Co. will be formed from non-listed companies operating in energy, real estate, construction and maintenance work, Jassim Al-Rumaihi, its chief executive said. (Reuters)