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Monday, 18 July 2016

Saudi Binladin seeks loan extension after Grand Mosque payment delay | GulfNews.com

Saudi Binladin seeks loan extension after Grand Mosque payment delay | GulfNews.com:

"Saudi Binladin Group has asked for an extension on an 817 million riyal ($217.8 million) Islamic loan that matured last week and which was being used to fund construction on the kingdom’s Grand Mosque site, sources aware of the matter said.

The request to delay the payment, originally due on July 15, was because the Saudi government had yet to reimburse the construction firm for work carried out on Islam’s holiest location, the sources said on condition of anonymity due to the subject’s sensitivity.

The company has been hit by government spending cuts and by its suspension from receiving new state contracts since September last year, when a crane accident killed 107 people at the Grand Mosque."



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