Aldyar Alarabiya Abandons TASI IPO After CMA Approval

Aldyar Alarabiya Real Estate Development Co. postponed its planned initial public offering on Tadawul’s Main Market, Bloomberg reported, citing people familiar with the matter.

The Capital Market Authority approved the company’s application to list and offer 97.5 million shares on Dec. 31, 2025, according to Argaam data. The shares represented 30% of Aldyar Alarabiya’s 325 million share capital. The CMA’s approval carried a six-month validity from the resolution date. If the offering and listing were not completed within that window, the approval would be cancelled.

That window has since closed. The company did not proceed with the offering.

Aldyar Alarabiya had previously secured CMA approval in June 2023 to list 2.25 million shares on the Nomu-Parallel Market. It never followed through on that plan either.

The scrapped listing is not an isolated case. Mutlaq Al-Ghowairi Contracting Co. said on June 9 it decided not to proceed with its own Main Market IPO after consulting its financial advisors.

Both companies received regulatory clearance but failed to execute. The back-to-back cancellations suggest execution risk on Tadawul’s Main Market pipeline is higher than the approval rate implies.

Aldyar Alarabiya, a Riyadh-based real estate developer, did not disclose a reason for the postponement. A company representative declined to comment when reached by Argaam.

The six-month period for the CMA approval expired around June 30, 2026. No revised timeline for the offering has been announced.