Mutlaq Al-Ghowairi Contracting Co. (MGC), based in Riyadh, Saudi Arabia, plans to raise up to 3 billion riyals (approximately $799 million) through an initial public offering (IPO) on the Riyadh stock exchange. The company is offering 240 million shares, which constitutes a 30% stake, with a pricing range set between 11 riyals and 12.5 riyals per share. If the shares are priced at the upper end, MGC would achieve a valuation of around 10 billion riyals (about $2.67 billion). This IPO is significant as it is the first major listing in the Gulf region for 2026 and follows the U.S.-Iran conflict that had previously disrupted regional trade and energy markets. The Saudi stock market has shown resilience, outperforming regional peers due to higher oil prices and a diversified export infrastructure. MGC specializes in water and transportation infrastructure projects and reported a profit of 420 million riyals with a net profit margin of 28.1% for the first half of 2025. Al Rajhi Capital and Morgan Stanley are the financial advisers for this IPO.