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Jabal Omar cancels deal with Jadwa to raise $3.3bn

Saudi Arabia’s Jabal Omar Development Company has terminated a contract with the local investment bank Jadwa Investment to raise SR12.2bn ($3.3bn) to finance the development of a real estate project in Mecca.

Jabal Omar says in a statement to the Tadawul, the Saudi Stock Exchange: “Jabal Omar Development Company announces it has terminated the contract with Jadwa Investment for having not been able to secure financing within the deadlines they have promised.”

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