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FINANCIAL NEWS
Saudi Binladin survives financial crisis
20 Jul 2016
(MENAFN) Binladin Group, Saudi’s biggest construction firm, seems to have pulled back from the edge of a financial crisis that threatened damaging the wider economy.
In detail, SBG was hard hit last year amid low oil prices that forced the kingdom to postpone or even stop projects and delay payments, a local source said.
Binladin was then barred from receiving new state contracts after one of its cranes fell into Makkah’s Grand Mosque during a storm, killing nearly 110 people.
Moreover, the troubled company was facing harsh cash squeeze and it has been forced to stop work at a string of projects and lay off thousands of staff.
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