• Umm Al-Qura for Development and Construction aims to raise approximately $533 million through an IPO on the Saudi stock market by offering 9.09% of its shares at a price range of 14 to 15 Saudi Riyals per share. The company is involved in a major project in Mecca, which is part of Saudi Arabia's Vision 2030 initiative to enhance the region's capacity to accommodate 30 million visitors by 2030. The IPO is expected to attract both local and foreign investors, with a portion of shares reserved for individual investors.

• The company plans to use the proceeds from the IPO to distribute dividends and reduce its debt over the next two to three years. The project, which spans 1.2 million square meters, will include hotels, residential towers, and commercial spaces, significantly contributing to the local economy and tourism sector. The ongoing trend of IPOs in Saudi Arabia, which has seen a surge in listings, positions Umm Al-Qura favorably in a growing market, especially as the country seeks to diversify its economy away from oil dependency.