Umm Al-Qura Development in talks with banks for public offering in Saudi Arabia: Report

Logo of Umm Al-Qura Development and Construction Co.

Umm Al-Qura Development and Construction Co. is in talks with some banks to handle the public offering of its shares on the Saudi market, Bloomberg reported, citing sources in the know.

Albilad Capital and GIB Capital were chosen to work on the developer’s offering. Meanwhile, Lazard Ltd. was named consultant, sources said.

More details, including the size and timing of the offering, are still in early stages and are subject to change, they added.

Established in 2012, Umm Al-Qura Development and Construction is based in Makkah, where it seeks to own additional real estate assets to be redeveloped into organizational plots that the developer will manage, invest, sell and lease.

This is besides owning land plots for urban development and carrying out all the necessary works for construction, maintenance, demolition and surveying works for them, with attention directed towards revamping King Abdul Aziz Road in Makkah.

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