DUBAI: Saudi Arabia's Abdullah Abdul Mohsin al-Khodari Sons has withdrawn its application with the Capital Market Authority for a capital increase due to current market conditions, it said in a statement on Monday.

The builder in November last year appointed GIB Capital to manage its proposed 500 million riyal ($133.3 million) capital hike.

In Monday's bourse filing, the company said it expected to resubmit its capital increase application to the regulator during 2016.

Copyright Reuters, 2015