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Sunday, 19 February 2017

Saudi Binladin obtains fresh payments from government -sources | Reuters

Saudi Binladin obtains fresh payments from government -sources | Reuters:

"Saudi Binladin Group (SBG) has received substantial payments from the Saudi Arabian government to settle debts since the start of this year, a boost to the struggling construction conglomerate and to the kingdom's economy, banking sources said. SBG has received 2.4 billion riyals ($640 million) so far this year for its work on state projects including the King Abdulaziz International Airport in Jeddah, one banker said, declining to be named because the matter is not public. A second banker, whose institution has direct exposure to SBG, put the figure for payments to the group since the beginning of 2017 at 3.1 billion riyals. Details of banks' financial information on SBG can vary because they are involved in different loans to it."

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