Construction PIF explores buying stake in Saudi Binladin Group By Pramod Kumar February 23, 2024, 4:30 AM Eliot Blondet/Abaca Press via Reuters A worker looks out at Riyadh from a tower under construction in the city. Binladin, founded in 1932, remains central to tourism and infrastructure projects Saudi Arabia’s Public Investment Fund (PIF) is planning to acquire a stake in Saudi Binladin Group, one of the biggest construction groups in the kingdom, a media report said. The sovereign wealth fund is working with US investment bank Morgan Stanley on a potential deal, Bloomberg reported, citing people aware of the matter. The $700 billion wealth fund intends to acquire part or all of the 36 percent stake owned by the Saudi finance ministry. Saudi construction under pressure to deliver on its promise Court rules against Binladin Group in crane tragedy Saudi sovereign fund PIF buys 40% stake in Zamil Offshore The PIF last year invested $1.3 billion to purchase stakes in four local construction companies to bolster the kingdom’s local construction sector. The wealth fund is backing the $500 billion futuristic Neom and luxury tourism developments on the Red Sea. Binladin, established in 1932, remains central to tourism and infrastructure projects as part of the Vision 2030 project to diversify the economy away from oil revenues. In 2022, the government appointed the the UK-based financial advisory firm Rothschild to supervise the group’s restructuring and reduce debt estimated to be in the range of $20-$30 billion. The contracting company remains a private conglomerate.