April 29 (Bloomberg) -- Jabal Omar Development Co., a real- estate developer in Saudi Arabiaâs holy city of Mecca, failed to get 12.4 billion riyals ($3.3 billion) in project financing as the non-oil industries slow in the kingdom. The developer canceled its contract with Jadwa Investment Co. after the Riyadh-based investment bank failed to secure financing âwithin the deadlines they promised,â it said in a statement to the Saudi bourse today. Jabal Omar said in July it hired Jadwa to arrange the funding for a property project. Saudi Arabiaâs non-oil economy will suffer a âsharp slowdownâ to 2 percent this year as import demand eases and new credit issuance declines in the Arab worldâs largest economy, Riyadh-based Samba Financial Group said in a report today. Saudi Arabia, the worldâs largest oil exporter, has suffered after oil prices plunged about $100 from a record of $147.27 in July, prompting producers to trim investment, delay spending decisions and postpone projects.
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