Saudi Arabia’s Binladin International Holding launches restructuring program

Binladin International Holding Group (BIHG), the parent company of Saudi Binladin Group (SBG), launched a transformation program that drives the ongoing reorganizational plans aimed at boosting the group’s strategic capabilities.

The program will reorient operating lines to improve the group’s accountability and transparency, BIHG said in a statement.

The group has developed the program to rebuild and reinvent SBG under three clear objectives, mainly carrying forward the company’s position in the building and construction sector locally and regionally.

In addition, BIHG seeks to capitalize on the real estate development opportunities driven by its extensive land bank, including prime locations in Makkah. It also aims to maximize the value of its investment portfolio through the optimization of core businesses, including enhancing management teams as well as exploration of strategic partnerships and joint ventures.

Khalid AlGwaiz, CEO of BIHG, highlighted the ongoing transformation process, which allows the group to positively influence the local economy through the public and private sectors, as well as provide sustainable job opportunities and contribute to building a sustainable and diversified economy within the framework of the Kingdom’s Vision 2030 and the National Transformation Program.

According to data compiled by Argaam, BIHG was established in March 2019 to manage its subsidiaries, including Saudi Binladin Group.

It was established in collaboration with Istidama Holding Co., a subsidiary of Ministry of Finance, which holds a 36.22% stake in the firm.