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Report: Saudi Binladen Group Seeks to Accelerate Corporate-Debt Revamp
Troubled construction giant Saudi Binladin Group (SBG) plans to hire additional advisers “to accelerate one of the Middle East’s biggest corporate-debt revamps and tackle its estimated $15 billion debt pile,” Bloomberg reports.
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Saudi Binladen Group Seeks Restructure Advisor for Billions of Debt – Report
The Saudi BinLaden Group is seeking an advisor to help the troubled company restructure as much as $20-$30 billion in debt, according to a new report in Reuters. The once-dominant construction company in the Kingdom that has fallen on hard times is now looking for a comeback. In late 2017, the Saudi government, through a Finance-ministry […]
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Report: Saudi Binladin Group (SBG) to be Renamed and Resized after Rough Decade, Graft Allegations
The one time leader in Saudi Arabia’s construction market, Saudi Binladin Group, will be slimmed down and renamed, according to an exclusive Reuters report, which cited six sources familiar with the matter. The government seized management control of the construction giant from the chairman and other family members after they were detained in anti-graft arrests last […]
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Development on Jeddah Tower and Surrounding Economic City Moves Forward After Alwaleed’s Release
Construction of what is planned to be the world’s tallest skyscraper in Jeddah is going ahead following the release of Saudi Arabia’s Prince Alwaleed bin Talal, the head of the consortium behind the $1.5 billion project said. Mounib Hammoud, chief executive of Jeddah Economic Co (JEC), said in an interview that the project will ideally be completed […]
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Report: Saudi Government, SBG in Talks for State Takeover of Troubled Construction Giant
Saudi Arabia is taking managerial control of Saudi Binladin Group (SBG) and discussing a possible transfer of some of the giant construction group’s assets to the state while its chairman and other family members are in detention, Reuters reports today citing sources. Binladin is the biggest builder in the country and important to Saudi Arabia’s plans for […]
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World’s Tallest Building Set for Saudi Arabia Delayed Again After Binladen Group Turmoil, Now Expected in 2019
Saudi Arabia’s under-construction Kingdom Tower Jeddah, set to be the world’s tallest building when finished, has been delayed until 2019, Prince Alwaleed bin Talal said at the building’s construction site yesterday. “The project was delayed… but it’ll open (in) 2019,” Prince Alwaleed said. Alwaleed is chairman of Kingdom Holding Company and consistently listed as the […]
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Government Makes Payments to Construction Companies as MMG Sends Letter to Deputy Crown Prince Warning of Operations Halt
Saudi Arabia has reportedly made good on $10.7 billion that it owed to private sector companies, according to Arab News, but one construction firm said on Monday that it wrote directly to the Deputy Crown Prince warning it may need to cease operations. Mohammad Al Mojil Group (MMG) said in a short statement through Saudi […]
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Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]
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Saudi Binladin Group Says Government Resumes Payment of Dues
The Saudi finance ministry has resumed payments to Saudi Binladin Group (SBG), the kingdom’s biggest construction firm, for its work on government projects, according to a Reuters report which cited a local newspaper. The positive news for SBG and its employees comes at a critical time for the company. SBG faced its toughest challenges in the […]
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Difficult Times for the Saudi Binladin Group
The Saudi Binladin Group (SBG) is facing its toughest challenges in the construction giant’s 85 years of operation as tightened government spending and a 8-month restriction on new projects in the pipeline has undermined the company’s finances. Saudi Binladen has announced a reduction in jobs totaling 77,000, or about one-third of its total workforce. “The […]
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What lessons can Saudi contractors learn from SBG?
In an e-mailed statement, he explained: “Our manpower size is always proportional to the nature and scale of the undertaken projects, along with the time spans required to complete them. Adjusting the size of our manpower is a normal [and] routine [activity], especially whenever projects are completed or near completion.
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SBG worker issue to be resolved says Labour Minister Mufrej Al Haqbani
Al Haqbani, speaking to reporters at a business conference in Riyadh, said some Binladin workers would get their salaries this month, and some later. He did not say how Binladin would obtain the money to pay its staff.
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Bakr Bin Laden relinquishes major duties at SBG
In a letter dated 5 May, 2015, addressed to senior members of the Bin Laden family – and now in circulation within the region’s construction industry – SBG’s president stated his intention to entrust his foremost duties to director, Saleh Mohammed Bin Laden.
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