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Wed 8 Apr 2020 03:46 PM

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Saudi Binladin hires new CEO as it plans $15 billion debt revamp

Saudi government took a stake of about 36% in the company from the Binladin family in 2018 to settle allegations of corruption

Saudi Binladin hires new CEO as it plans $15 billion debt revamp

The contractor’s top management has been overhauled several times since 2018.

Binladin International Holding Group has appointed Khalid Al Gwaiz chief executive officer as Saudi Arabia’s biggest construction company seeks to push ahead with its proposed $15 billion debt restructuring.

Al Gwaiz joined the company, formerly known as Saudi Binladin Group, in March, according to an internal announcement seen by Bloomberg. A representative for Binladin International Holding Group declined to comment.

Binladin - for decades Saudi Arabia’s go-to developer for mega-projects such as airports and religious sites - took a financial hit after one of its cranes at the Grand Mosque in Mecca collapsed in September 2015 and the government banned it from taking on any new projects.

That ban was lifted in May 2016, and the government took a stake of about 36 percent in the company from the Binladin family in 2018 to settle allegations of corruption.

The contractor’s top management has been overhauled several times since then. Chairman Abdulaziz Al-Duailej joined in September, replacing Khalid Nahas who was in the role for about seven months.

Al Gwaiz was previously managing director of conglomerate Acwa Holding, and prior to that was CEO of Astra Industrial Group, according to his LinkedIn profile.

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