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- Lebanon receives preliminary approval to increase World Bank loan to $400m
- China Exempts Some Goods from US Tariffs to Limit trade War Pain
- Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as 9th year milestone marked
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- Gold prices drop more than 1%
- Saudi Arabia's Vision 2030 enters final phase with strong momentum
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- Adnoc Distribution to operate 500 high-power EV chargers by 2028
23/11/2016 05:06 AST
Saudi Arabian construction firm Abdullah Abdul Mohsin Al-Khodari and Sons said on Tuesday that projects worth SR362.2 million ($97 million) had been delayed due to factors ranging from clients' funding shortages to slow visa issuance.
Al-Khodari, which last month reported a wider third-quarter net loss, said its total project backlog was SR3.01 billion by Sept. 30. That compared to SR4.67 billion at the same point of 2015. The firm, a builder of housing and infrastructure, said its total contract value was SR7.78 billion.
Delays built up when issuing visas, appointing consultants and making changes to designs, it said. Delays in the review and processing of invoices and work stoppages due to lack of money were also to blame.
Signs that the backlog of payments owed to contractors might be easing have emerged, with Fahad Al-Hammadi, chief of the National Contractors' Committee at the Council of Saudi Chambers, saying that construction firms had received SR40 billion in the past two weeks, representing 25 percent of money owed to them by various government agencies.
Fawwaz Al-Khodari, CEO of Khodari, told Al Arabiya television recently that 10 to 15 percent of the SR500 million it was owed by the government had been paid.
He expressed optimism that the company would receive 40 to 45 percent of the total outstanding dues by the end of the year in the best case scenario.
Arab News
27/07/2016
Saudi Arabian construction firm Abdullah Abdul Mohsin Al-Khodari and Sons said on Tuesday it swung to a net loss in the second quarter as earnings were pressured once again by a slowdown in the Kingd
Arab News
20/01/2016
Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari and Sons on Tuesday said it had swung to a fourth-quarter net loss as margins and revenue fell and financial charges increased.
Trade Arabia
04/01/2016
Saudi Arabia's Abdullah Abdul Mohsin Al-Khodari and Sons on Sunday forecast changes to the kingdom's electricity and energy prices would raise its costs by SR44.3 million ($11.81 million) between 20
Saudi Gazette
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26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
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