According to a Reuters report, Saudi Arabia’s construction giant, Saudi Binladin Group (SBG), will be slimmed down and renamed. This follows the government seizing management control of the contractor from family members.
The company, which is essential to the kingdom’s plans for major tourism and infrastructure projects as it is the leading contractor in Saudi Arabia, is currently being run by a five-member committee appointed by the government to oversee the restructure process.
The restructuring is expected to include hundreds of layoffs. It is intended to streamline operations at the company. A new holding company will be formed with a new name as part of the reorganization.
Binladin Group has finished more than 500 projects across construction and energy sectors since the company’s formation in 1931.