Umm Al-Qura Development and Reconstruction is considering an initial public offering of its shares

Umm Al-Qura Development and Reconstruction Company is considering an initial public offering of its shares that would raise hundreds of millions of dollars, according to Bloomberg sources.

Lazard Bank will play the role of advisor for the offering, according to the sources, while Albilad Capital and GIB Capital will work on the offering procedures.

In addition, Umm Al-Qura developed the “Washat Masar” project in the center of the city of Makkah Al-Mukarramah, and investments have begun to flow into the project, and a number of agreements have been signed that have entered into force successively and will contribute to achieving the goals of Vision 2030.