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Saudi Binladin seeks second extension on loan

It is the second time SBG has sought more time to meet the payment, having previously requested an extension to 31 August

Representational image.
Representational image.

Saudi Binladin Group (SBG) has requested a second extension on a $218m (SAR817m) Islamic loan being used to fund construction at the kingdom's Grand Mosque, sources told Reuters.

The talks to delay the loan repayment, originally due to mature on 15 July, came after the Saudi government failed to fully reimburse the construction firm for work at Islam's holiest location, the sources said on condition of anonymity.

It is the second time SBG has sought more time to meet the payment, having previously requested an extension to 31 August.

Two of the sources said the government had paid SBG a small portion of the amount it owed for the Grand Mosque project before the Eid Al Adha Islamic holiday this month but a large amount remained outstanding.
 

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