K&A advised Makkah Construction and Development Co. (MCDC), a leading listed real estate company, on its strategic pre-IPO acquisition of 30% of First Avenue Real Estate Development, a company undergoing an IPO on the parallel market (Nomu). MCDC’s acquisition was structured only weeks ahead of the commencement of the bookbuilding for First Avenue. First Avenue has recently closed its offering and successfully listed on the Saudi Exchange.

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This strategic acquisition is a first-of-a-kind pre-IPO investment, showcasing the robustness of the Saudi capital markets and the opportunities it presents to different players. 

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K&A’s team was led by Managing Partner Zeyad Khoshaim and Senior Associate Ghaida Meaigel and supported by K&A’s capital markets team.

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This cements K&A’s standing as the law firm for innovative structures and the leading public M&A firm in Saudi Arabia. In 2024, K&A won the Ground-breaking Deal of the Year 2024 in the Capital Markets & ESG Finance Awards, and many other awards including the Saudi Arabian Law Firm of the Year 2024 by Legal500.