{"id":28519,"date":"2016-10-04T20:11:52","date_gmt":"2016-10-04T13:11:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=28519"},"modified":"2016-10-04T18:20:52","modified_gmt":"2016-10-04T11:20:52","slug":"saudi-binladins-cash-flow-crisis-starts-to-ease","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-binladins-cash-flow-crisis-starts-to-ease\/","title":{"rendered":"Saudi Binladin's cash flow crisis starts to ease"},"content":{"rendered":"


\nThe cash flow crisis that has engulfed Saudi Arabia’s biggest builder, Saudi Binladin Group, has started to ease with much-needed payments from the kingdom’s finance ministry filtering through. The Wall Street Journal had reported that payments of between US$800 million (Dh2.9 billion) to $1.1bn had been made to the company in September. A spokesman confirmed to The National that payments had been made, but did not disclose the amount.The spokesman said that the ministry “had begun releasing some of the due payments to the group in relation to currently executed projects owned by numerous\u00a0government entities”.He said that the move would strengthen the group and its “commitment to successfully complete all undertaken projects, as we have done since our inception”.”We remain focused to continue our contributions to the development of Saudi Arabia and determined to overcome all odds, though temporary.”The spokesman added that it is working with clients on delayed projects so that “any changes to the originally set schedules are jointly worked out”.However, its delivery of future work will be curtailed by the fact that it has had to lay off so many staff during the course of the year as a result of its constrained finances. The company said that about 80,000 workers had been released as part of its restructuring, but said that all of them have been paid all of the salaries and other service benefits they were owed.The plight of workers for many of Saudi Arabia’s construction workers has come into sharp focus over the past few months as payment delays have got longer and longer, forcing a number of foreign governments to take action to ensure their own nationals were provided for. India’s government began shipping food into the kingdom in August to feed workers from Saudi Oger who had reportedly gone for seven months without pay, while last month the Philippines government’s Overseas Workers Welfare Administration began distributing payments both to families of workers stranded in Saudi Arabia and those who had been repatriated without pay. The OWWA’s payments were distributed to those who had been working for nine struggling Saudi contractors, including Saudi Binladin, Saudi Oger and Mohammed Al Mojil Group.A report from Reuters last month stated that Saudi Oger, a company controlled by Lebanon’s Hariri family, is owed about 30bn Saudi riyals from the government for work it has undertaken, although it in turn owes 15bn riyals to its banks and several billions more to workers and suppliers. Saudi Oger did not respond to requests for comment.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Saudi Binladin’s cash flow crisis starts to ease<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The cash flow crisis that has engulfed Saudi Arabia’s biggest builder, Saudi Binladin Group, has...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-28519","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-7pZ","jetpack-related-posts":[{"id":4277,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-arabian-builders-on-government-contracts-having-problems-paying-staff\/","url_meta":{"origin":28519,"position":0},"title":"Saudi Arabian builders on government contracts having problems paying staff","date":"February 10, 2016","format":false,"excerpt":"\r \r Some Saudi Arabian construction companies are struggling to pay their staff on time in a sign of growing pressure on the economy from low oil prices, which are causing the government to slow spending on building projects.In an unusual move this week, the Ministry of Labour issued a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11736,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/delayed-payments-to-saudi-arabias-construction-sector-start-to-filter-through\/","url_meta":{"origin":28519,"position":1},"title":"Delayed payments to Saudi Arabia's construction sector start to filter through","date":"April 30, 2016","format":false,"excerpt":"\r The Saudi government's pledge to pay 70 per cent of the outstanding bills owed to the country's construction sector is slowly starting to feed through to company accounts. In an interview with The National, George Ball, the chief financial officer of the global engineering consultancy Parsons, said: \"We began\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4820,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-business-leader-seeks-king-salmans-help-on-government-payments-to-construction-firms\/","url_meta":{"origin":28519,"position":2},"title":"Saudi business leader seeks King Salman's help on government payments to construction firms","date":"February 16, 2016","format":false,"excerpt":"\r \r ReutersA leading Saudi Arabian businessman has asked the king to intervene to ensure that the government makes delayed payments to construction companies, in a sign of growing pressure on the economy due to low oil prices.Some construction firms have seen scheduled payments from the government delayed by over\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12854,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-binladin-to-lay-off-another-14000-staff-bringing-total-departures-to-69000\/","url_meta":{"origin":28519,"position":3},"title":"Saudi Binladin to lay off another 14,000 staff, bringing total departures to 69,000","date":"May 12, 2016","format":false,"excerpt":"\r Saudi Binladin Group has confirmed that it is working on processing final payments for about 14,000 workers that will allow them to leave the company within the next month, following on from the recent departure of about 55,000 staff.The company, which had employed more than 200,000 staff before its\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":170094,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/digital-payments-dominate-saudi-arabia-as-cash-use-continues-to-decline-visa-says\/","url_meta":{"origin":28519,"position":4},"title":"Digital payments dominate Saudi Arabia as cash use continues to decline, Visa says","date":"January 22, 2026","format":false,"excerpt":"\r Visa research shows 80% of transactions in Saudi Arabia are now digital, highlighting accelerating consumer shift away from cash The post Digital payments dominate Saudi Arabia as cash use continues to decline, Visa says appeared first on Arabian Business: Latest News on the Middle East, Real Estate, Finance, and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2026\/01\/mobile-payments-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":58228,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudis-250bn-construction-market-still-offers-greatest-potential-says-meed\/","url_meta":{"origin":28519,"position":5},"title":"Saudi's $250bn construction market still offers greatest potential, says Meed","date":"June 18, 2017","format":false,"excerpt":"\r Saudi Arabia remains the market with the greatest potential for the region's construction industry, with more than US$250 billion worth of projects in the pipeline, according to a new report by the regional news service Meed. The kingdom has almost as much work in the pre-execution phase as the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/28519"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=28519"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/28519\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=28519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=28519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=28519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}