Saudi government to take 35% stake in Saudi Binladin Group

The Saudi government is expected to take a 35% stake in construction giant, Saudi Binladin Group (SBG),  as part of a financial settlement with state authorities, Reuters has reported.

The news agency said the figure was confirmed by four sources familiar with the matter.

The stake represents the total stakes of chairman Bakr Binladin and his brothers Saleh and Saad, all of whom were detained in an anti-graft crackdown in November 2017 alongside scores of other businessmen, princes, and officials, according to some of the sources.

in October 2017, Saudi Binladin Group was cleared of the responsibility for the 2015 collapse of a crane in Makkah which killed around 100 people. After the crash, the group was hit by a number of Saudi-issued sanctions.