Latham Advises on Umm Al Qura’s Initial Public Offering

Latham & Watkins has advised Umm Al Qura for Development and Construction Co (Umm Al Qura) on its initial public offering (IPO) on the Main Market of the Saudi Exchange. The IPO of Umm Al Qura consisted of an offer of a total of 130,786,142 ordinary shares, representing 9.09% of the share capital of Umm Al Qura after the capital increase. The final offer price for the IPO was set at SAR 15 per share. 

Umm Al Qura is a leading Saudi urban development company. It is the owner, developer, and operator of the Masar Destination, which is uniquely located in Makkah and extends over more than 3.5 kilometers, with a pedestrian walkway leading to the Holy Mosque. Masar Destination aligns closely with the Kingdom’s Vision 2030, which targets 30 million pilgrims in 2030 and seeks to develop the tourism sector, transform the Kingdom into a global tourist destination, and enhance visitors’ experiences. 

This IPO comes shortly after the Saudi CMA permitted foreign investment in listed companies owning real estate in Makkah and Madinah, with the aim of boosting market appeal and liquidity. 

The Latham team was led by Riyadh partners Salman Al-Sudairi and Najla Al-Gadi, with Riyadh partner Abdullah Alsaeed, and associates Aya AlHumaid, Talal Abul, Abdullah AlAiban, and Haila Al-Khalaf.