Latest news with #UmmAlQuraforDevelopmentandConstruction
Zawya
26-03-2025
- Business
- Zawya
Umm Al Qura hits 30% maximum lift on debut: IFR
Shares of Umm Al Qura for Development and Construction rose by the maximum 30% on Monday's Tadawul debut following its SR1.96bn (US$523m) IPO. Institutional demand for the IPO was more than US$125bn, while retail demand topped US$1bn. Shares priced at the top of the SR14–SR15 range and retail received 10% of the deal. The deal is novel in comprising only primary shares but, reassuringly for the development of the Saudi market, demand was just as strong as secondary share sales. The stock opened on Monday at SR16.50 and quickly hit the SR19.50 maximum, where it closed. Just under 10m shares changed hands, approximately 7.6% of the 130.8m shares offered for a 9.1% free-float. Proceeds will be used for a real estate development in Mecca, including accommodation, retail outlets and public amenities. Albilad Capital was lead manager, and joint bookrunner with Alinma Investment Company, Al Rajhi Capital and GIB Capital. Lazard advised.
Zawya
25-03-2025
- Business
- Zawya
Umm Al Qura surges 30% on debut Saudi IPO
Saudi-based Umm Al Qura for Development and Construction has announced that its shares surged by 30% on the group's debut on the Saudi Exchange's Main Market which hit SAR19.5 ($5.2) per share following a $523 million initial public offering (IPO). Umm Al Qura is the owner, developer and operator of Masar Destination, one of the largest redevelopment projects in Makkah city. Announcing the successful debut, the Saudi developer said the IPO was oversubscribed 241 times in the institutional tranche and 20 times in the retail tranche. Within minutes of the IPO launch, the shares jumped SAR4.5 ($1.2) above the SAR15 IPO price. The retail subscription process, comprising a maximum of 13.1 million shares, representing 10% of the total offer shares, commenced on March 5 and ended on March 9. It saw participation from 1,048,530 subscribers, indicating a coverage of 20 times, with a total demand of SAR3.93 billion ($1.05 billion). Individual subscribers will receive a minimum of 10 shares each, while the remaining shares will be allocated on a pro-rata basis for the remaining demand with an average allocation factor of 1.0316%. The Final Offer Price for the IPO was set at SAR15 per share at the top of the range, implying a market capitalisation of approximately SAR21.6 billion ($5.75 billion) at listing. CEO Yasser AbuAteek said: "2024 was a transformational year for Umm Al Qura as we prepared to list on the Main Market of the Saudi Exchange. We are proud of the significant progress we have made, and the strong foundation we have built for the future of Makkah." "The achievements of 2024 reinforce our commitment to delivering exceptional value to our stakeholders, and particularly the incoming public shareholders. Umm Al Qura is now positioned for continued success in the years ahead as we remain focused on the goals of Vision 2030 and our commitments to enhancing the experience of residents, pilgrims and visitors of Makkah while developing a world-class multi-use destination," he added. Umm Al Qura was established in 2012 for undertaking the development of King Abdulaziz Road in Makkah which originally contained six unplanned settlements neighbourhoods; the project site area is known as Masar Destination. One of the largest redevelopment projects in the region, Masar is located directly on Makkah's western border. It consists of 205 investment plots, with a total area of approximately 641,000 sq m and a total gross floor area (GFA) of 5.7 million sq m. The company seeks to transform it into a global multi-use destination to serve the residents and visitors of Makkah. For the Saudi listing, Umm Al Qura has signed up Albilad Capital as joint financial advisor, lead manager, bookrunner and underwriter; GIB Capital and AlRajhi Capital as joint fnancial advisors, bookrunners and underwriters as well as Alinma Invest as joint bookrunner and underwriter. Lazard has taken up the role of company advisor and FGS Global that of media and communications advisor. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
MTV Lebanon
24-03-2025
- Business
- MTV Lebanon
Major Gulf markets gain ahead of US tariff deadline
Major stock markets in the Gulf nudged higher early on Monday as investors awaited clarity on U.S. President Donald Trump's next tariff move amid heightened regional geopolitical tensions. Trump's reciprocal tariffs, due to take effect on April 2, are expected to fuel inflation and stunt economic growth. However, Trump suggested on Friday that there may be some flexibility regarding tariffs, potentially softening their impact. Saudi Arabia's benchmark index (.TASI), opens new tab added 0.1%, helped by a 1.3% rise in Saudi Arabian Mining Company ( opens new tab. Elsewhere, Umm Al Qura for Development and Construction ( opens new tab surged 30% - the maximum daily limit allowed for newly-listed stocks during their first three days of trading - to 19.5 riyals in its debut trading. Dubai's main share index (.DFMGI), opens new tab was up 0.1%, with toll operator Salik ( opens new tab rising 1% and utility firm Dubai Electricity and Water Authority ( opens new tab gaining 2.6%. Meanwhile, escalating geopolitical concerns led investors to exercise caution and retreat from riskier investments. An Israeli airstrike at a hospital in Gaza on Sunday killed five people, including a Hamas political leader, Palestinian medics and Hamas said, in an attack Israel had targeted a key figure in the militant group. After two months of relative calm in the war, Gazans have again been fleeing for their lives after Israel effectively abandoned a ceasefire, launching a new all-out air and ground campaign on Tuesday against Hamas. In Abu Dhabi, the index (.DFMGI), opens new tab rose 0.1%. Oil prices - a catalyst for the Gulf's financial markets - inched up as investors weighed the impact of fresh U.S. sanctions on Iranian exports against ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian supplies to global markets.
Zawya
24-03-2025
- Business
- Zawya
Mideast Stocks: Major Gulf markets gain ahead of US tariff deadline
Major stock markets in the Gulf nudged higher early on Monday as investors awaited clarity on U.S. President Donald Trump's next tariff move amid heightened regional geopolitical tensions. Trump's reciprocal tariffs, due to take effect on April 2, are expected to fuel inflation and stunt economic growth. However, Trump suggested on Friday that there may be some flexibility regarding tariffs, potentially softening their impact. Saudi Arabia's benchmark index added 0.1%, helped by a 1.3% rise in Saudi Arabian Mining Company. Elsewhere, Umm Al Qura for Development and Construction surged 30% - the maximum daily limit allowed for newly-listed stocks during their first three days of trading - to 19.5 riyals in its debut trading. Dubai's main share index was up 0.1%, with toll operator Salik rising 1% and utility firm Dubai Electricity and Water Authority gaining 2.6%. Meanwhile, escalating geopolitical concerns led investors to exercise caution and retreat from riskier investments. An Israeli airstrike at a hospital in Gaza on Sunday killed five people, including a Hamas political leader, Palestinian medics and Hamas said, in an attack Israel had targeted a key figure in the militant group. After two months of relative calm in the war, Gazans have again been fleeing for their lives after Israel effectively abandoned a ceasefire, launching a new all-out air and ground campaign on Tuesday against Hamas. In Abu Dhabi, the index rose 0.1%. Oil prices - a catalyst for the Gulf's financial markets - inched up as investors weighed the impact of fresh U.S. sanctions on Iranian exports against ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian supplies to global markets. The Qatari index gained 0.2%, with Qatar Navigation increasing 1.6%. (Reporting by Ateeq Shariff in Bengaluru; Editing by Mrigank Dhaniwala)
Arab News
19-03-2025
- Business
- Arab News
Umm Al Qura for Development and Construction announces retail subscription coverage of 20 times
Umm Al Qura for Development and Construction, the owner, developer and operator of MASAR Destination — one of the largest redevelopment projects in Makkah, recently announced the successful completion of the offering period for retail investors (Retail Subscription Period) for the company's initial public offering. The retail subscription process, comprising of a maximum of 13,078,614 shares, representing 10 percent of the total offer shares, commenced on March 5 and ended at 11:59 p.m. on March 9. It saw participation from 1,048,530 subscribers, indicating a coverage of 20 times, with a total demand of SR3.93 billion ($1.05 billion). Individual subscribers will receive a minimum of 10 shares each, while the remaining shares will be allocated on a pro-rata basis for the remaining demand with an average allocation factor of 1.0316 percent. The final offer price for the offering was set at SR15 per share, pricing at the top of the range, implying a market capitalization of approximately SR21.58 billion (approximately $5.75 billion) at listing. For more information about the IPO and the Company's prospectus, visit the IPO website: Highlights of the offering Tranche (A): Participating parties: This tranche comprises investors eligible to participate in the book-building process in accordance with the Instructions for Book-Building Process and Allocation Method in initial public offerings, as issued by the Capital Market Authority, including investment funds, companies. These parties include investment funds, qualified foreign companies and institutions, GCC corporate investors and other foreign investors under swap agreements (said investors shall be collectively referred to as the 'Participating Parties' and each as a 'Participating Party'). The number of offer shares to be provisionally allocated to the Participating Parties effectively participating in the book-building process is 130,786,142 Offer Shares, representing 100 percent of the offer shares. In the event there is sufficient demand by individual investors (as defined under Tranche (B) below), the lead manager, in coordination with the company, shall have the right to reduce the number of offer shares allocated to participating parties to a minimum of117,707,528 offer shares, representing 90 percent of the offer shares. Final allocation of the offer shares to the participating parties will be made through the joint financial advisers following subscription by individual investors, as the joint financial advisers deem appropriate in coordination with the issuer, using the discretionary share allocation mechanism. Tranche (B): Individual investors: This tranche includes Saudi natural persons, including any Saudi female divorcee or widow with minor children from a marriage to a non-Saudi individual, who is entitled to subscribe for her own benefit in the names of her minor children, provided that she proves that she is a divorcee or widow and the mother of her minor children, any non-Saudi natural person who is resident in the Kingdom, or GCC nationals, in each case, who have an investment account and an active portfolio with one of the receiving agents and are entitled to open an investment account with a Capital Market Institution (collectively, the "Individual Investors", and each an "Individual Investor"). A maximum of 13,078,614 offer shares, representing 10 percent of the offer shares, shall be allocated to individual investors. In the event that the individual investors do not subscribe in full for the offer shares allocated to them, the joint financial advisers may reduce the number of offer shares allocated to individual investors in proportion to the number of offer shares subscribed for thereby. The Law of Real Estate Ownership and Investment by Non-Saudis promulgated by Royal Decree No. M/15 dated 17/04/1421H (corresponding to 19/07/2000G) (hereinafter referred to as the 'Law of Real Estate Ownership and Investment by Non-Saudis') prohibits non-Saudi from acquiring ownership, easement or usufruct over real property located within the boundaries of the cities of Makkah and Madinah. This includes natural persons who are not nationals of Saudi Arabia, non-Saudi companies and Saudi companies that he establishes, participates in establishing, or owns shares in, any natural or legal person who does not hold Saudi nationality with some limited exceptions. However, under the special controls excluding the companies listed in the Saudi Stock Exchange, the phrase (non-Saudi) has the meaning as per the The Law of Real Estate Ownership and Investment by Non-Saudis issued by the Authority on 27/07/1446H (corresponding to 27/01/2025G). It allows foreigners to invest in Saudi companies listed in the Saudi Stock Exchange that own properties within the boundaries of the cities of Makkah and Madinah , provided that: (i) the foreign strategic investor does not own shares in the Listed Company and (ii) at all times does not exceed 49 percent of the shares of the listed company, which are not jointly owned by persons of natural and legal capacity. Accordingly, the foreign strategic investor is excluded from the investors targeted for the offering, and the ownership of natural and legal persons who do not collectively hold Saudi citizenship shall not exceed 49 percent of the company's shares at all times.
