Saudi Arabia developer Umm Al Qura picks banks for IPO

Saudi Arabia developer Umm Al Qura picks banks for IPO

Saudi property developer Umm Al Qura for Development & Construction Co. is working with banks including Lazard Ltd. on its planned Riyadh initial public offering, according to people familiar with the matter.

Umm Al Qura has picked Al Bilad Capital and GIB Capital to work on the IPO while Lazard is advising it, the people said, asking not to be identified as the information isn’t public. An IPO of the company could raise a few hundred million dollars, two of the people said.

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Details of the offering such as size and timing are still preliminary and subject to change, the people added. Representatives for Umm Al Qura, Lazard, Al Bilad Capital and GIB Capital didn’t respond to requests for comment.

Saudi Arabia was part of an IPO boom that swept the Middle East last year on the back of high oil prices and strong investor demand. Listings in the region accounted for about half of the proceeds in all of Europe, the Middle East and Africa, as deals elsewhere collapsed under the pressures of high inflation and rising interest rates.

Umm Al Qura is involved in the development of a large