The company’s IPO and listing are subject to a six-month lock-up period. Credit: A9 STUDIO via Shutterstock.

Umm Al Qura for Development and Construction, the developer of the Masar Destination redevelopment initiative in Makkah, Saudi Arabia, has announced plans for an initial public offering (IPO) and listing on the Saudi Exchange’s Main Market.

The country’s Capital Market Authority approved the registration of the company’s share capital and the offering of approximately 130.8 million shares, equating to 9.09% of the company’s post-capital increase shares, on 24 December 2024.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The proposed IPO will involve the issuance of new shares through a capital increase, with the proceeds aimed at funding land settlements, infrastructure, and the activation of the MASAR destination, along with project financing and other general corporate expenditures.

The Saudi Exchange granted conditional approval for the company’s listing on 8 December 2024

Established in 2012, Umm Al Qura is engaged in the development of the MASAR project, stretching over 3.5km.

The project is set to transform into a global multiuse destination, providing infrastructure, mobility, residential, and hospitality solutions.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It boasts 205 investment plots, covering approximately 641,000m² and a gross floor area of 5.7 million square metres, with an estimated development value of SR100bn ($26.66bn).

As of 30 June 2024, Umm Al Qura’s share capital stands at over SR13.1bn, supported by bank facilities exceeding SR4bn.

For the IPO, Albilad Capital, GIB Capital, AlRajhi Capital, and Alinma Investment have been appointed as joint financial advisors, joint bookrunners, and co-underwriters, with Lazard Saudi Arabia serving as an advisor to the company.

The IPO and listing are subject to a six-month lock-up period for substantial shareholders from the commencement of trading on the Saudi Exchange.

The final price of the offer shares is planned to be determined after the book-building process and before the subscription period for individual investors begins.

Umm Al Qura chair Abdullah Saleh Kamel said: “Our IPO offers institutional and retail investors a highly compelling opportunity to invest in the development of MASAR, a landmark project in the kingdom. As we look to the future, our listing will be a key step in executing our strategy to maximise shareholder value.”