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Binladin International Holding Group (BIHG), the parent company of Saudi Arabia’s largest construction conglomerate, has announced the expansion of its executive leadership team as the company continues its transformation programme.
Balaji Prasad has been hired as group chief financial officer while Roberto Liuzza has been appointed group chief organisation excellence officer.
The Jeddah-based company said in a statement that the appointments have been made at a senior level to overhaul the organisation’s governance and operations.
Other recent appointments include Ahmed Al Sanie as group managing director, Abdulrahman Bajunaid as CEO of real estate and Samer Khawashki as CEO of investments.
Prasad brings 24 years of experience across the region with a focus on debt restructuring, corporate turnaround, business transformation and complex fund raising, across diverse industries and was previously CFO of Abu Dhabi-listed developer Manazel.
Liuzza has 27 years of experience across Europe, the Middle East, and Far East in complex transformation and turnarounds across various industries, with an emphasis on performance improvement, strategic planning and change management.
Established in March 2019, BIHG oversees and manages the affairs of numerous subsidiaries across its portfolio, including Saudi Binladin Group, Saudi Arabia’s largest construction company.
It said it is currently undergoing a transformation programme in order to establish a strong financial and operational platform from which it can capitalise on the sizeable market opportunity for major construction projects in Saudi Arabia.
BIHG has identified a significant market opportunity, with about SR1 trillin of new contract awards expected by 2025.
The Jeddah-based company is currently attempting one of the Middle East’s biggest corporate-debt revamps, for which it’s being advised by US investment bank Houlihan Lokey.
The conglomerate, founded in 1931, was for decades the royal family’s favoured builder until a deadly accident in Makkah six years ago, pictured above, resulted in it being banned from taking on new projects for about eight months.
Its woes were compounded as work across the Middle East dried up in the wake of a slump in oil prices and the economic fallout of the coronavirus pandemic. The company has put thousands of employees on indefinite leave in recent months.
BIHG is 36.22 percent owned by Istidama, an investment arm of the Saudi Arabian Ministry of Finance. The remaining 63.78 percent is owned by the Binladin Company for Development and Commercial Investment.
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