The debt troubles of the Saad and Al Gosaibi groups have alerted international banks to what has been seen as a relatively low level of corporate governance in Saudi Arabia.But the issuance of a $450 million, five-year 144a sukuk by developer Dar Al Arkan would not have been possible if the firm did not comply with US-approved standards of accountancy and management. It was the first Saudi corporation to formally roadshow a bond in the...
