Finance Ministry plans measures to support Binladin Group

Logo of Saudi Binladin Group (SBG)

The Ministry of Finance announced its intention to take a number of measures to support Saudi Binladin Group (SBG) with the aim of stabilizing its financial structure, through a set of arrangements to pay the banks' dues, including lending to the group and studying increasing the government's stake in it.

This support will enhance the ability of the group as one of the largest players in the sector regionally, to complete its existing projects, topped by the Two Holy Mosques, and will also contribute to strengthening its financial position and enabling it to obtain the necessary financing to implement the various projects it contracts for, SPA reported.

The ministry also confirmed that this comes as a continuation of the government support that the construction sector has received over the past period, which enables the completion of vital projects and creates attractive investment opportunities in the sector in order to achieve Vision 2030.