Dur Hospitality Company (SASE:4010) and Taiba Investments Co. (SASE:4090) are in merger talks that could create a company with combined assets worth $2.4 billion across the kingdom's hotel, tourism and real estate sectors. Dur and Taiba announced the merger talks in similar bourse statements, adding that an agreement may not be reached between to the two companies in which Aseelah Investment Co is a significant shareholder.

Neither provided further details. Dur did not respond immediately to a request for comment and a Taiba representative could not be reached for immediate comments. Taiba, which has interests in hotels, tourism facilities and real estate, has a market capitalisation of $1.5 billion, Refinitiv data shows.