Sunday 23 February 2020

Saudi state likely to take 35pc stake in SBG: report

RIYADH, March 18, 2018

The Saudi government is expected to take a 35 per cent stake in construction giant Saudi Binladin Group (SBG) as part of a financial settlement with state authorities, Reuters has reported.
The news agency said the figure was confirmed by four sources familiar with the matter.
The stake represents the total stakes of chairman Bakr Binladin and his brothers Saleh and Saad, all of whom were detained in an anti-graft crackdown in November alongside scores of other businessmen, princes and officials, according to some of the sources.
SBG, which had more than 100,000 employees at its height, is the biggest builder in Saudi Arabia and is important in Riyadh's plans for large real estate, industrial and tourism projects to help diversify the kingdom's economy beyond oil.

Tags: Saudi | SBG | Crackdown |

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