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Saudi government to appoint heads of Binladin Group

May 25, 2018 at 12:09 pm

Saudi Binladin Group building [Bertil Videt/Wikipedia]

Saudi Arabia’s Bin Laden construction giant will change its name and reduce its size after the government seized a large share in the group from family members in the Kingdom’s  “anti-corruption” purge, Reuters quoted informed sources as saying.

Tteps will be the first in a large-scale restructuring planned for the largest Saudi construction company after Riyadh took control of 35 per cent of the group’s shares.

The company, which plays a vital role in the Kingdom’s plans to increase tourism and infrastructure projects, will be managed by a five-member committee appointed by the government to oversee the changes, the sources said.

“The restructuring, which is expected to include hundreds of layoffs, aims to streamline operations in the group, which since its founding in 1931 has generated more than 500 units in various areas from construction to power,” they said.

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