Wednesday, December 19, 2007

Jabal Omar eyes sukuk to fund $2.9bn project

Name dropper.

Saudi Arabia's Jabal Omar Development Company plans to tap the Islamic debt markets to help finance an 11 billion riyal ($2.9 billion) project in Mecca that will be built by developers including Binladin Group.

Jabal Omar awarded Binladin, the country's largest contractor, and Saudi Oger, owned by the family of former Lebanese prime minister Rafiq Hariri, the contract to build the project, the Saudi developer said in a statement on Monday....