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Saudi Arabia hires Rothschild to monitor restructuring of Binladin Group

Saudi Arabia hires Rothschild to monitor restructuring of Binladin Group

ArabFinance: Saudi Ministry of Finance has hired France-based financial advisor Rothschild to monitor the restructuring of multinational construction conglomerate Saudi Binladin Group, Bloomberg reported on May 12th, citing informed sources.

Sources commented that the appointment of Rothschild means that the restructuring process will require more time after two years since its beginning.

The indebted construction giant played a historical role in building infrastructure of Saudi Arabia.

After the crane accident in Mecca in 2015 that killed 111 people and injuring 394 others, Binladin lost its status in the kingdom.

In 2018, Saudi government acquired a large stake in Binladin. The Saudi Public Investment Fund (PIF) is planning to inject hundreds of millions worth of investments into local contractors to help boost the construction sector.

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