Saudi Arabia takes majority stake in troubled Binladin Group

Saudi Arabia’s Finance Ministry has taken a majority stake in Saudi Binladin Group, raising its interest to more than 86% as the kingdom steps in to stabilize its largest construction company after years of financial strain. 

The move, which increased the government’s stake from about 36% and was reported by state television, illustrates Binladin’s central role in Saudi Arabia’s ambitious building plans, even after years of the firm’s stalled projects, delayed payments and reputational damage.

Binladin Group has long been Saudi Arabia’s largest builder, responsible for major infrastructure, housing and religious projects, and a key contractor for the state over several decades.

The Jeddah-based company’s standing was shaken in 2015, when a crane collapse at the Grand Mosque in Mecca killed more than 100 people, prompting a temporary ban on new government contracts and straining its finances.

Binladin has since struggled with cash shortages and delayed payments linked to swings in state spending, leading the government to step in repeatedly to keep projects on track.