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Riyadh, Saudi Arabia: Saudi Binladin Group (SBG), a subsidiary of the Binladin International Holding Group (BIHG), has appointed contracting industry veteran Grigoris Christofides as its Chief Transformation Officer (CTO).
Christofides has spent more than 35 years in the contracting industry, and joins SBG at a crucial time in its history; amidst a Group-wide transformation programme designed to see BIHG absorb, rebuild, and reinvent SBG under the mandate of its Board of Directors.
Christofides will continue to work closely with SBG's management and BIHG’s Board of Directors, along with appointed advisors, to oversee the execution of the transformation of SBG, to ensure value maximisation for all concerned stakeholders. Working with the CEO of SBG Contracting, he will lead the business’ repositioning efforts to achieve a sustainable balance sheet across the organisation’s global, financial and operational divisions. Christofides officially took up his position at the beginning of this month.
Khalid Al-Gwaiz, CEO of BIHG, said, "The appointment of Grigoris Christofides comes as part of several critical measures taken by BIHG to drive the successful transformation of the business and reposition SBG as the Kingdom’s national construction champion."
"Mr. Christofides is a seasoned industry veteran and brings the necessary in-depth sector, and turnaround experience, to the organisation. We look forward to seeing the fruits of his dynamic and focused leadership, at a time when SBG is undergoing a challenging and complex transformation and restructure, which is a first in its 90-year history," added Al-Gwaiz.
Christofides was formerly the CEO of J&P, as well as Arabtec Construction (a fully owned subsidiary of Dubai-based Arabtec Holding) that constructed the Burj Khalifa , in UAE.
Having begun his career with US engineering and management firm Bechtel in 1986, Christofides joined the UK’s Ove Arup & Partners, as a structural design engineer before moving to the UAE with Al Habtoor and later joined the UK's WS Atkins & Partners as a construction manager for the Burj Al Arab hotel.
Joining Arabtec Construction in 1996, as a project manager, Christofides served as an Executive Director for the next decade, ahead of being appointed CEO in 2011 and departing in 2014.
As CTO of SBG, Christofides joins a team mandated to regain SBG’s position as the Kingdom's national, and the wider GCC's regional, construction champion, while underscoring its vital role in the country's economy in support of the Saudi Vision 2030.
BIHG is a diversified conglomerate, established in 2019, in collaboration with the Istidama Holding Company, a subsidiary of Saudi Arabia's Ministry of Finance, which holds a 36.22% stake in the Group.
BIHG oversees numerous subsidiary companies, including SBG, the largest construction company in the Kingdom and one of the largest contractors in the world. BIHG operates across three different business segments – Construction, Investments, and Real Estate – and oversees holdings in over 250 companies.
© Press Release 2021
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