Saudi BinLadin Group sanctions could be lifted
Sanctions on Saudi BinLadin Group (SBG) could be lifted after the contractor held a series of round-the-clock meetings to restructure its project portfolio
Saudi BinLadin Group (SBG) could be given a new lease of life following a series of round-the-clock meetings held by the contractor to restructure its project portfolio.
Sanctions on the company could be lifted, and its rating reinstated, in light of the restructuring efforts, according to Al Watan Online. Travel restructions imposed on SBG heads and top executives are also likely to be lifted, the report added.
The online daily reported that an SBG source had revealed that a number of round-the-clock meetings had taken place to restructure the project sectors under the contractor's portfolio. Following the meetings, the source reported a "sense of great relief among top company stakeholders".
Following the talks, a spokesperson from Saudi Arabia's General Authority of Civil Aviation (GACA) announced that work at King Abdulaziz International Airport , for which SBG was awarded a $7.2bn (SAR27bn) contract, has recommenced.
In the wake of last year's fatal crane accident at Makkah's Grand Mosque, senior management figures from SBG were prohibited from travelling abroad, and the company was forbidden from taking on new projects.
Following a series of related difficulties, including salary payment problems, the contractor took the decision to lay off nearly 77,000 employees last week.