Umm Al Qura for Development and Construction announces retail subscription coverage of 20 times

Short Url
Updated 19 March 2025
Follow

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: ipo.ummalqura.com.sa/en.

Highlights of the offering

  • The CMA and Saudi Exchange approvals have been obtained for the offering and listing as outlined below.
  • The company’s substantial shareholders and the shareholders acting in concert will be subject to a lock-up period of 6 months, which will begin from commencement of trading of the shares on the Saudi Exchange.
  • The shares will be listed and traded on the main market of the Saudi Exchange following the completion of the IPO and listing formalities with the CMA and the Saudi Exchange.
  • The offering shall be restricted to the two following groups of investors:

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.

 

 


‘Maknana’ exhibition at Diriyah to feature works of over 40 Arab artists

Updated 18 April 2025
Follow

‘Maknana’ exhibition at Diriyah to feature works of over 40 Arab artists

Diriyah Art Futures, the first new media arts hub in the MENA region, has announced its second major exhibition titled Maknana: An Archaeology of New Media Art in the Arab World.

Co-curated by artists and curators Haytham Nawar and Ala Younis, the exhibition will run from April 21 to July 19 at DAF at Diriyah, Riyadh.

Bringing together works by more than 40 artists from the MENA region, the exhibition features pioneering voices from across the region who have embraced and redefined technology as a medium for creative expression.

The exhibition includes notable Saudi artists such as Ahmed Mater, Muhannad Shono, and ARC (Abdullah Rashed), whose practices reflect the Kingdom’s dynamic and evolving relationship with new media.

They are joined by influential artists from across the region such as VJ Um Amel (Laila Shereen Sakr, Egypt); Emily Jacir (Palestine); Akram Zaatari (Lebanon), Abdel Hadi El-Gazzar (Egypt), Hassan Meer (Oman), Hicham Berrada (Morocco/France), Mona Hatoum (Palestine), Walid Raad (Palestine) and Farah Al-Qasimi (UAE). 

Spanning decades and disciplines, from early video art and experimental film to generative systems and expanded media, Maknana offers a rare survey of how Arab artists have engaged with and reimagined the digital landscape on their own terms.

The Arabic term ‘Maknana,’ translated as automation, inspires the exhibition’s central inquiry: how Arab artists have navigated, repurposed, and challenged technologies to shape their own creative vocabularies.

The exhibition is structured across four thematic sections, Automation, Autonomy, Ripples, and Glitch, that trace recurring artistic concerns and gestures across different generations, geographies, and technological paradigms.

Highlighting a dynamic constellation of artistic practices, Maknana includes rare archival works, recent digital experiments, and new commissions from artists working across the region and diaspora.

Their works engage with urgent sociopolitical contexts, from networked resistance and machine logic to memory preservation, speculative ecologies, and glitch aesthetics.

In tandem with the exhibition, Diriyah Art Futures will present a public program of talks, performances, screenings, and workshops, expanding on the themes of Maknana and offering visitors direct engagement with artists and thought leaders in the field of new media art.

 


Aroya to host first Saudi floating franchise expo

Updated 16 April 2025
Follow

Aroya to host first Saudi floating franchise expo

The National Franchise Committee, in partnership with Aroya Cruises, has finalized preparations for the first-of-its-kind floating exhibition dedicated to franchising. The initiative, led by the Federation of Saudi Chambers, was formalized through an agreement signed by Dr. Khalid Al-Ghamdi, chairman of the National Franchise Committee, and Alaa Tashkandi, general sales manager at Aroya Cruises. The International Floating Franchise Exhibition will take place aboard the luxurious Aroya cruise ship from May 5-8.

The announcement came during a press conference held onboard the Aroya cruise in Jeddah, attended by various media representatives. The organizing committee unveiled details of the ship’s facilities that will host the expo, including halls, theaters, meeting rooms, and other logistical preparations.

Dr. Al-Ghamdi said that hosting the exhibition at sea symbolizes the global potential of Saudi brands, adding that the committee is working on a strategic initiative to accelerate the international expansion of Saudi franchises.

Tashkandi said that Aroya Cruises is fully equipped to host major exhibitions and commercial events, offering world-class amenities that promise an exceptional and unique experience for global attendees.

The Federation of Saudi Chambers, represented by the National Franchise Committee, had previously announced plans to organize the inaugural International Floating Franchise Exhibition from May 5–8, aboard the Aroya cruise ship in Jeddah.


Security leaders to unite and advance sector at Riyadh conference

Updated 16 April 2025
Follow

Security leaders to unite and advance sector at Riyadh conference

The Security Middle East Conference, a pivotal gathering for the region’s leading security executives, organizations, and government officials, will return on May 13 at Voco Hotel Riyadh. This exclusive, invite-only event is designed to empower attendees with the knowledge, connections and foresight needed to navigate the evolving security landscape and drive the sector forward in alignment with Saudi Vision 2030.

More than just a conference, the Security Middle East Conference offers a unique platform built on three core pillars:

Networking: Forge Strategic Alliances

Attendees will have unparalleled opportunities to connect with key stakeholders, establish crucial business contacts, forge strategic alliances and develop partnerships that will shape the future of security in the Middle East.

Education: Elevate Skills and Knowledge

Attendees will gain actionable insights and cutting-edge knowledge to implement in their roles from a dynamic agenda featuring insightful keynote addresses from global thought leaders like Dr. Khalid Koser, executive director, Global Community Engagement and Resilience Fund, and Dr. Faisal Alfouzan, director of cybersecurity at Absher. There will also be engaging panel discussions with regional experts including representatives from International Maritime Industries, King Salman Park Foundation, Royal Commission for Jubail and Yanbu, FIFA, and Diriyah Company; practical workshops led by ICON Training Co. and others; and interactive live podcasts and tech stage presentations from leading providers including NEDAP, Limitless Technologies, Magnet Forensics, and PureTech Systems.

Future: Uncover Trends and Drive Innovation

The conference will delve into the future of security, exploring emerging threats, the integration of AI and the security implications of mega-projects. Live technology demonstrations will offer a firsthand look at the innovative solutions shaping tomorrow’s security landscape.

Attendees can further elevate their expertise by participating in a dedicated two-day masterclass led by Nadeem Iqbal, director at IFPO MENASA and global advisory board member (business growth and strategy). This intensive workshop titled “Align security with your organization’s business DNA!,” will equip security professionals with the strategies to seamlessly integrate security efforts with overarching business objectives, driving long-term success and operational excellence.

The Security Middle East Conference is supported by leading industry organizations including the Information Security Forum, The Security Institute and the International Foundation for Protection Officers, and sponsored by innovative companies including Magnet Forensics, Limitless Technologies, ThreatLocker, Convergint, Eagle Eye Networks, CTF Consoles, PureTech Systems, Allied Telesis, ICON Training, Comm Port, and NEDAP.

The event offers a vital platform for security leaders to collaborate, learn and shape the future of the industry in the Middle East.


Sustainability drives business excellence across region: PwC

Updated 15 April 2025
Follow

Sustainability drives business excellence across region: PwC

As governments and businesses across the Middle East drive forward their economic transformation agendas, PwC Middle East has released a new report that explores the key role of sustainability in shaping future-ready business strategies.

PwC Middle East’s latest report, “Embracing sustainable transformation: The path to business excellence” provides valuable insights into how leading organizations embed sustainability into their transformation journeys, enhancing efficiency, resilience and long-term value for stakeholders.

The report comes at a pivotal time, as national visions such as Saudi Arabia’s Vision 2030 and We the UAE 2031 drive the integration of environmental and social impact considerations into core business practices, an essential step toward achieving sustainable growth in the region.

Riyadh Al-Najjar, PwC Middle East chairman of the board and Saudi Arabia country senior partner, said: “Saudi Arabia’s transformational journey demonstrates how economic diversification, business growth, and sustainable development can go hand in hand. As the Kingdom creates new industries, unlocks innovation and enables a more inclusive, sustainable future for generations to come — businesses have a unique opportunity to align with this vision by embedding sustainability into their corporate strategies, operations, and culture.”

From aviation to urban development and industrial manufacturing, organizations align their sustainability goals to future-proof operations and deliver impact. The report features real-world examples of this shift in action:

•Saudi Aramco advances industrial transformation through investments in carbon capture technologies and expanding its renewable energy portfolio.

•Etihad Airways enhances fuel efficiency and invests in sustainable aviation fuels to align with the UAE’s decarbonization goals.

•Aldar Properties incorporates sustainability into its project development strategy, achieving high Estidama ratings for efficient urban development.

•Masdar City stands as a model of sustainable urban development, offering a free zone with attractive tax incentives and access for businesses focused on clean energy solutions.

 Tamer Elleisi, PwC Middle East transformation management consulting partner, said: “Embedding sustainability at the core of transformation enables businesses to unlock long-term value and strengthen their competitive advantage. In our region, it’s clear that sustainability works best when it’s part of the bigger picture, integrated into the way businesses grow, innovate, and lead.”

The initiatives support an evolving financial landscape. Compared to 2023, 2.5 times more companies in the region now plan to access green loans and bonds, reflecting a broader shift toward sustainable financing models that support national and global environmental priorities.

Despite this momentum, organizations still face critical challenges in embedding sustainability into transformation projects. Findings from last year’s “Sustainability in the Middle East” report show that one in three executives cited a lack of internal skills and sustainability expertise as a significant barrier. Additionally, 22 percent of respondents pointed to the absence of supportive government policies, while 19 percent flagged conflicting regulations across jurisdictions, emphasizing the need for harmonized policy frameworks to enable cross-border progress.

Many businesses also struggle with integrating sustainability goals into broader corporate strategies, managing sustainability-related data effectively, and securing necessary funding for long-term initiatives. To address these barriers, PwC’s approach focuses on three core lenses: strategic, operational, and cultural, designed to embed sustainability into every aspect of transformation at scale.

The strategic lens aligns sustainability with transformation objectives to unlock financial returns and long-term value. The operational lens embeds sustainable practices into day-to-day processes, leveraging AI, data, and circular economy principles to enhance agility and reduce environmental impact. The cultural lens promotes a sustainability-first mindset, driven by leadership commitment, employee upskilling, and organizational change.

Together, these three lenses enable organizations to lead with purpose, ensuring sustainability is not just a parallel track but a central driver of successful, future-ready transformation projects. From ESG-aligned KPIs to sustainable value chains, the report provides a clear framework for businesses to drive impact.

As the region moves toward a low-carbon, inclusive economy, the report underscores the urgency for both private and public sector organizations to transition from ambition to execution, leading with purpose, agility, and impact.


MBSC hosts record-breaking graduation with 476 students

Updated 14 April 2025
Follow

MBSC hosts record-breaking graduation with 476 students

Prince Mohammed Bin Salman College of Business and Entrepreneurship, the Kingdom’s world-class business school, has celebrated its largest graduating class to date, marking a significant milestone in its journey to redefine business education in Saudi Arabia. A total of 476 graduates were honored this year across the Executive MBA, Master in Finance, and Master in Management programs — an impressive 44 percent increase from 2024.

The graduating class reflects MBSC’s continued momentum and strategic expansion across the Kingdom. In 2023, the school graduated 102 students; by 2024, that number rose to 330 — and now, 476 in 2025 — demonstrating a strong and sustained growth in demand for MBSC’s programs.

This year’s graduates represent a dynamic mix of professionals from across Saudi Arabia’s key sectors, including finance, government, telecommunications, and energy. The cohort includes a rising number of women leaders, entrepreneurs, and senior executives committed to driving innovation and positive impact in their fields.

MBSC delivers its graduate programs across two locations: King Abdullah Economic City, its home campus, and Riyadh, in partnership with stc Academy. This geographic spread ensures increased accessibility while offering a consistently high standard of experiential, world-class education.

Dr. Zeger Degraeve, dean of MBSC, said: “This record-breaking class of graduates represents more than just numbers — it signals a growing community of empowered, purpose-driven leaders. Our mission is to nurture transformative individuals who will lead with clarity, creativity, and courage. These graduates are well-positioned to contribute meaningfully to Saudi Arabia’s Vision 2030, and we are proud to be part of their journey.”

MBSC’s programs are uniquely designed to meet the evolving needs of today’s business landscape, offering hands-on, practical learning that prepares graduates to lead in complex, fast-moving environments. The school’s rigorous admission process ensures a diverse and high-calibre student body, many of whom hold key roles in both private and public sectors.

“MBSC has given me more than just an education — it gave me clarity in my leadership style and the confidence to make bold decisions,” said Ahmed Alsamaani, an Executive MBA graduate from the class of 2025.

“As a young Saudi woman in finance, this program shaped my voice and gave me the tools to make a meaningful impact in my field,” said Badour Alhejailan, a Master in Finance graduate.

Another student, Abdulrahman Khalid Alabaykan, a Master in Management graduate, added: “Studying at MBSC while continuing my career allowed me to apply what I learned in real time, transforming the way I contribute to my workplace.”

MBSC continues to strengthen its position as a hub for high-impact, future-focused education in the Kingdom. With its pragmatic, entrepreneurial approach to teaching and learning, the college remains committed to developing principled, effective leaders who will play an essential role in achieving the Kingdom’s Vision 2030 ambitions.