NewsWorld

Saudi Arabia Taking Control of Binladin Construction: Sources

RIYADH: Saudi State is taking managerial control of construction giant Binladin Group, international media reported Friday.

Reuters reported quoting its sources that the Kingdom is discussing a possible transfer of construction group’s assets to the state.

The group’s chairman Bakr Bin Laden and several family members are in detention, Reuters reported.

Binladin is one of the biggest builders in the country, once employing over 100,000 workers. The giant construction company was important to Kingdom’s plans for the large real estate.

However, the group has been hurt financially in the past couple of years by a fall in the construction industry. It also lost State’s trust after a crane accident killed 107 people at Mecca’s Grand Mosque in 2015.

After the accident, the company was forced to lay off thousands of workers.

Tags

Leave a Reply

Your email address will not be published. Required fields are marked *