The Board of Directors of Arkan Al-Kuwait Real Estate Company has their initial approval of merging with Al-Oula Real Estate Investment Company. During their meeting today, Wednesday, the Board of Directors discussed and agreed upon initiating the merger process.
In a statement provided by Arkan Al-Kuwait, it was announced that the Board of Directors has authorized the executive management to undertake the necessary steps to facilitate the merger. Arkan Al-Kuwait Real Estate Company will serve as the merging entity, while Al-Oula Real Estate Investment Company will be the merged entity. 
At this stage, the financial impact of the merger may not be determined, and further details will be disclosed once the deal is finalized. This will include the signing of agreements between the two companies, completion of required procedures, and obtaining approvals from regulatory authorities as well as holding Extraordinary General Meeting (EGM) of the companies involved in the merger.