Riyadh – Mubasher: Construction giant Saudi Binladin Group (SBG) has obtained a SAR 10.88 billion ($2.9 billion) loan from the kingdom’s government to pay late wages of employees and bank creditors.

Saudi Arabia’s biggest builder will also use the credit facility to finalise a number of government projects, including King Abdullah Financial District, Reuters reported, citing sources as saying.

The Saudi company was late in paying staff wages due to a decline in the construction industry.

The Saudi government is forecast to acquire a 35% stake in SBG as part of settlement that occurred after detention of Bakr Binladin in an anti-corruption probe in November 2017.

During Januray, Saudi Binladin Group denied news reported that it had been taken over by Saudi authorities.