Exclusive: Saudi Binladin seeks adviser for financial overhaul of Mecca complex - Reuters:
Binladin International Holding Group, Saudi Arabia’s biggest construction company, is seeking an adviser to cut costs as well as restructure the debt of a Mecca skyscraper complex, sources familiar with the matter said and a document showed.
The move is part of efforts to restructure the construction group, after the government took a 35% stake from Bin Laden family members that were swept up in an anti-graft campaign launched by Riyadh in late 2017.
Binladin completed the $15 billion government-owned Abraj Al Beit golden clocktower complex in 2011. The development has seven towers of hotels and malls and looms over the Grand Mosque in Mecca, the holy city visited by millions of Muslim pilgrims every year.
The 603-metre tall clock tower is the landmark feature of the complex, which was built to modernise the old city and provide accommodation and other facilities for pilgrims.
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