Riyadh – Mubasher: The Public Investment Fund (PIF) sold 48 million shares in Umm Al Qura for Development and Construction, equaling 3.30% of its shares, through an accelerated bookbuild offering.

The total value of the offering was more than SAR 950 million (over $253 million), with a final offer price of SAR 19.8 per share, according to a press release.

Both local and international institutional investors participated in the offering.  

Following the transaction, PIF’s remaining stake equates to 234.30 million shares in the company, representing 16.30% of the share capital.

The offering contributes to increasing Umm Al Qura’s free float and further broadens its institutional investor base.

Saad Alkroud, Head of the Local Real Estate Investment Division at PIF, said: “The offering aligns with PIF’s investment strategy, which focuses on deploying capital and income into the domestic PIF ecosystem, to further strengthen Saudi Arabia’s private sector and deepen Saudi capital markets.”

“This mandate allows PIF to continue to drive the sustainable development and diversification of the country’s economy,” he added.

In the nine-month period that ended on 30 September 2025, Umm Al Qura posted net profits of SAR 912.90 million, an annual leap of 195.37% from SAR 309.06 million.