Bin Laden International Holding Group plans to sell some $ 15 billion in assets as part of a debt restructuring plan.
According to Arabiya Net, the group stated that it wants to explore real estate development opportunities for its land portfolio, including distinctive sites in the city of Makkah.
The company, which owns the Saudi government through the Ministry of Finance about 36.22% of its capital, is trying to renew debts worth $ 15 billion, which is one of the largest corporate debts in the Middle East. Consulting services from American investment bank Hulihan Locke.
The group was founded in 1931, and emerged for decades in the field of construction, until the accident of a crane in the campus expansion project five years ago, which prevented assigning new projects to the company for a period Approximately eight months.
The company's problems have exacerbated with the weak real estate project proposals in the countries of the Middle East, following the decline in oil prices and the economic repercussions of the Coronavirus epidemic, which prompted the company to grant its employees open vacations in months The last, with a reduction in salaries since the holy month of Ramadan.
As the holding company said, in a statement published by Bloomberg and seen by Al Arabiya.net: The aim of the restructuring program is to rediscover itself, to become the largest construction company in the Kingdom And the region to support the vision of Saudi Crown Prince Mohammed bin Salman 2030.
said: The Kingdom of Saudi Arabia is the largest country in the Gulf Cooperation Council (GCC) in terms of the size of the infrastructure and construction industry, with the value of planned and un-awarded contracts More than $ 825 billion, the industry has witnessed a growth in contracting contracts awarded to real estate companies from $ 11.2 billion in 2016 to $ 56.2 billion in 2019.
He added: We are confident that the transformation process pursued by the Bin Laden Group will positively affect the local economy through the public and private sectors, create sustainable job opportunities, and contribute to Laying the foundations for a diversified economy and achieving the goals of the National Transformation Program and Vision 2030.
