Latest news with #YasserAbuAteek
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. (
Trade Arabia
24-03-2025
- Business
- Trade Arabia
Umm Al Qura surges 30pc 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.
Zawya
24-03-2025
- Business
- Zawya
Saudi: Umm Al Qura posts 57% leap in net profits during 2024
Umm Al Qura for Development and Construction Company recorded 57.29% year-on-year (YoY) higher net profits at SAR 498.61 million in 2024, compared to SAR 317 million. Revenues hiked by 84.58% to SAR 1.82 billion at the end of December 2024 from SAR 988.14 million in 2023, according to the financial results. The earnings per share (EPS) increased to SAR 0.38 last year from SAR 0.24 in 2023. Yasser Abu Ateek, CEO of Umm Al Qura, commented: '2024 was a transformational year for Umm Al Qura as we prepared to list on the Main Market of the Saudi Exchange.' '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,' the CEO added. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
