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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
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29/03/2025
China's President Xi Jinping urged a gathering of multinational CEOs on Friday to protect global industry and supply chains, as Beijing seeks to assuage foreign firms' concerns over the Chinese econo
Reuters
28/03/2025
Qatar Islamic Insurance Group convened its Annual General Assembly Meeting for the year 2024, yesterday. The Board proposed to the assembly distribution of cash dividends of 50% of the paid-up capita
The Peninsula
28/03/2025
Sabic, a global leader in diversified chemicals, today (Martch 27) reaffirmed its advocacy for sustainable growth through innovation and collaboration at the Boao Forum for Asia (BFA)'s Annual Confer
Trade Arabia
28/03/2025
AD Ports, a leading facilitator of global trade, logistics, and industry, has announced the signing of a 50- year agreement with Oylz Terminals, a UAE based oil supply and distribution provider to de
Trade Arabia
28/03/2025
Modon Holding, an Abu Dhabi-based holding company, and Elsewedy Industrial Development, one of Egypt's leading integrated industrial and logistics cities developers, have signed a letter of intent (L
Trade Arabia
Financial Information Co.
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