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Saudi Binladin ‘seeks loan extension after payment delay’

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Contractor Saudi Binladin Group has asked for an extension on an 817 million riyal ($217.8 million) loan being used to fund construction on the Grand Mosque site in Mecca, according to Reuters.

The Islamic loan matured last week and the request to delay the payment was due to the firm not yet being reimbursed for its construction work on the site, the news agency said quoting unnamed sources.

Saudi Binladin Group has been hit by spending cuts and a suspension from receiving new state contracts, following a crane collapse at the Grand Mosque last September, which killed 107 people.

Both Binladin Group and Dubai Islamic Bank, which originally helped arrange the Islamic loan, declined to comment, Reuters said.

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