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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
| Ticker | Price | Change |
|---|---|---|
| BURGERIZZR | 12.50 | -0.50 (-3.85 |
| ALMUTAHED | 0.00 | 0.00 (0.00 |
| ALMAL | 0.00 | 0.00 (0.00 |
| ALAMAN | 0.00 | 0.00 (0.00 |
| MASSALEH | 0.00 | 0.00 (0.00 |
21/02/2025
Abu Dhabi's Adnoc raised about Dh10.4 billion ($2.84 billion) from the sale of 3.1 billion shares in Adnoc Gas on "exceptional" demand from Gulf and international institutional investors.
Th
The National
20/02/2025
Saudi Tadawul Group said it's targeting more mergers and acquisitions as it looks to further develop the local capital market and draw in foreign investors.
The owner of the Saudi stock excha
Bloomberg
20/02/2025
In a grand display of community spirit and dedication to sustainability, LuLu Saudi Hypermarket hosted the highly anticipated LuLu Walkathon on Saturday, February 15, 2025, to commemorate Saudi Found
Saudi Gazette
19/02/2025
Commercial Bank has participated in the 'Tawteen' initiative, a nationalisation programme led by the Ministry of Labour (MoL) aimed at empowering Qatari nationals in line with Qatar National Vision 2
Gulf Times
18/02/2025
The Saudi Dairy and Food Products Company participated in the 12th Career Forum at King Abdulaziz University. The event took place from Feb. 2 to 6, under the patronage of Prince Saud bin Mishal bin
Arab News
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