Saudi builder Binladin appoints turnaround specialists to senior team

The regional construction sector has been hit hard by the weakening of oil prices since 2014

  
Image used for illustrative purpose. Foreign workers work at a construction site, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia, May 7, 2020.

Image used for illustrative purpose. Foreign workers work at a construction site, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia, May 7, 2020.

REUTERS/Ahmed Yosri
 
RIYADH: Binladin International Holding Group (BIHG), the parent company of Saudi Arabia’s biggest builder, has hired two senior executives with a background in corporate turnarounds.

Balaji Prasad has been named group chief financial officer and Roberto Liuzza has been hired as group chief organization excellence officer.

Prasad has a background in debt restructuring, corporate turnaround, business transformation and complex fundraising. He was previously CFO of Abu Dhabi-listed developer Manazel.

Liuzza has also worked on a number of complex turnarounds across various industries, the company said in a statement on Sunday.

The regional construction sector has been hit hard by the weakening of oil prices since 2014 and the associated decline in the real estate sector which has plunged some of the industry’s biggest names into financial distress.

BIHG made a number of other senior appointments over the last year, including Ahmed Al-Sanie as group managing director; Abdulrahman Bajunaid as CEO of real estate; and Samer Khawashki as CEO of investments over the past year.

Established in March 2019, BIHG oversees and manages the affairs of units across its portfolio, including SBG – Saudi Arabia’s largest construction company and one of the world’s largest contractors.

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