Saudi Developer Umm Al Qura to Launch IPO on Saudi Exchange

Riyadh, February 3, 2025 (Saudi Arabia Breaking News) – Saudi developer Umm Al Qura for Development and Construction has announced plans to proceed with an initial public offering (IPO) and list its shares on the Saudi Exchange’s main market.

The IPO will see the company offering 130.8 million new shares, representing 9.09% of its post-increase capital. The proceeds will be used to fund infrastructure, land settlements, and the expansion of the MASAR Destination, a $26.66 billion (SAR 100 billion) redevelopment project in Makkah aimed at enhancing the city’s urban landscape with hotels, residential units, retail spaces, and cultural centers.

The Saudi Exchange granted conditional approval on December 8, 2024, followed by the Capital Market Authority’s (CMA) approval on December 24, 2024, allowing the company to move forward with fundraising efforts.

Founded in 2012, Umm Al Qura is backed by major Saudi entities, including the Public Investment Fund (PIF) and the General Organization for Social Insurance (GOSI). The IPO marks a significant step in accelerating the MASAR project, reinforcing Saudi Arabia’s Vision 2030 goals for economic and urban development.