Jabal Omar Development, a real- estate developer in Saudi Arabia’s holy city of Mecca, got shareholder approval to sell Islamic bonds after failing to raise money for a development project in the kingdom.
Jabal Omar won approval for the so-called sukuk issue at a meeting on June 17, the company said in a statement on the Saudi bourse Web site, without giving details of the size or maturity of the fundraising.
bloomberg.com
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