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 US.
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