Umm Al Qura, a development company, is moving forward with an initial public offering (IPO) to raise funds for the ambitious Masar project in Makkah, valued at $26 billion.

The IPO will play a pivotal role in financing this large-scale infrastructure initiative aimed at transforming the city’s urban landscape.

The project is designed to enhance Makkah's status as a global religious and cultural hub, catering to millions of Muslim pilgrims each year.

In parallel, Saudi Arabia's stock market is expected to see an 8% growth in profits in 2025, bolstered by strong performances in the banking, healthcare, and petrochemical sectors, according to a report by SNB Capital.

The petrochemical industry is forecasted to experience a 74% growth, driven by better prices and increased production capacity.

The healthcare sector is expected to see a 23% rise in profits, attributed to new expansions.

Other sectors such as cement and car rental are also poised for growth, fueled by government-backed mega-projects and improved operational efficiencies.

The Saudi stock market is benefiting from a surge in IPO activity, with 14 offerings in 2024, a significant increase from the previous year.

The Tadawul All-Share Index recorded a rise in institutional and retail subscriptions, signaling strong investor confidence.

The market liquidity and the number of negotiated deals also surged, further enhancing the appeal of the Saudi exchange.

Meanwhile, oil prices are expected to stabilize in 2025, with most fund managers predicting a range of $70 to $79 per barrel, supporting overall market sentiment.