Saudi-PIF Backed Developer in Mecca Real Estate Plans Local IPO
- Umm Al Qura approved to issue almost 131 million shares
- IPO plan comes days after Saudi loosened investment rules
The Grand Mosque in Mecca in June 2024.
Photographer: Fadel Senna/Getty ImagesThis article is for subscribers only.
Umm Al Qura for Development & Construction Co., the Saudi Arabian firm behind one of the largest projects in the Muslim holy city of Mecca, plans to proceed with an initial public offering on the country’s main stock exchange.
The Sunday announcement didn’t disclose details of the firm’s IPO plans, including size or timing, but Bloomberg has previously reported an offering could raise a few hundred million dollars. Umm Al Qura is backed by Saudi Arabia’s sovereign wealth fund.