Umm Al Qura for Development leads real estate sector by market cap

Logo of Umm Al Qura for Development and Construction Co.

Umm Al Qura for Development and Construction Co., the owner, developer and operator of “Masar Destination,” ranked as the largest listed real estate developer on the Main Market (TASI) by market capitalization, which exceeded SAR 35.5 billion at the close of trading on Oct. 1, 2025.

Umm Al Qura was established by virtue of a Royal Order to develop real estate assets along King Abdulaziz Road in Makkah, including land acquisitions, development, management, investment, selling and leasing under the Masar Destination project, one of the major developments in the region.

Shares of Umm Al Qura were listed on March 24, 2025, marking the third IPO on the Main Market this year. The stock was priced at SAR 15 per share and rose its daily limit (30%) on debut, continuing to post gains as shown below:

Ahead of its IPO, the company reported a P/E of 38x and a P/B of 1.5x, with operating profit jumping 57% trailing the last 12 months (TTM). Revenue also climbed 85% TTM.

Net profit more than doubled in H1 2025, soaring 106% year-on-year to SAR 396.3 million, compared with SAR 192 million in H1 2024.

Commenting on the company’s performance, CEO Yasser Abuateek, said: “A balanced development strategy, a clear business model, a professional team, and flexibility in adapting to market conditions, supported by an attractive investment climate, transparent regulations and an inspiring vision, are the winning formula for progress and achievement.”