Global law firm White & Case LLP has advised Albilad Capital as joint financial advisor, lead manager, bookrunner and underwriter, GIB Capital and Alrajhi Capital as joint financial advisors, bookrunners and underwriters and Alinma Invest as joint financial advisor, bookrunner and underwriter on the initial public offering and listing on the Main Market of the Saudi Exchange (Tadawul) of Umm Al Qura for Development and Construction, the owner, developer and operator of the 'Masar Destination' landmark redevelopment project in the Holy City of Makkah.
Umm Al Qura for Development and Construction is the third company to list on Tadawul this year, with the institutional and retail tranches respectively 241 times and 20 times oversubscribed and attracting SAR 468.75 billion (approximately US$125 billion) and SAR 3.93 (approximately US$1.05 billion) in orders, with the total value of the offering amounting to around SAR 1.96 billion (approximately US$523 million).
The White & Case team which advised on the transaction was led by partner Sami Al-Louzi (Dubai) and included associates Hamzeh Al Rasheed, Andrew Scott, Cassy Raby (all Dubai) and Husam Azhar (Riyadh).
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