Saudi Reforms Drive Mecca Developer to Near 60% Post-IPO Gain

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By Laura Gardner Cuesta and Ben Scent

September 29, 2025 at 12:55 PM UTC

The Middle East’s best-performing listing of the year comes from its worst-performing major bourse.

Investors have piled into Saudi developer Umm Al Qura for Development & Construction Co., encouraged by the kingdom’s moves to liberalize property rules and a push to prop up religious tourism under its economic transformation plan.