United Assurance to assess losses of Makkah crane collapse

United Cooperative Assurance Company, the insurer of Saudi Arabia’s Binladen group, has said it will provide an appraisal for losses resulting from the tragic crane collapse that killed 111 people and injured over 200 others in Makkah’s Grand Mosque last week.

The insurer said it has hired professionals chartered by the Saudi central bank to draft the appraisal.

Financial impact will be reflected in Q4 financials, the company said in a filing to Tadawul.

Binladen Group, the main contractor of the Grand Mosque’s expansion project, has been banned from taking on new projects in the kingdom and its executives kept from traveling until a probe into the incident is completed.

Last week, an investigation committee ruled out any criminal intent, but blamed Binladen Group for negligence.