Kuwaiti investment firm Al-Madina for Finance and Investment Co said on Sunday it had agreed to merge with local real estate firm Sarh Al-Madina Real Estate Development Co.

The two firms have signed an initial memorandum of understanding for the deal, Madina said on the Kuwaiti bourse website. No more details were immediately available.

Several Kuwaiti investment firms have said they would consider selling stakes or merging to help cope with a global financial crisis. - Reuters