Saudi Bin Ladin Group (SBG) has requested a second extension on SAR817mn Islamic loan being used to fund the construction at the kingdom’s Grand Mosque. The group previously requested an extension to 31 August. The loan was from a consortium of 8-9 banks mainly from UAE. Dubai Islamic Bank led the facility and ENBD, Noor and Ajman Bank participated. The talks to delay the loan repayment came after the Saudi government failed to fully reimburse the construction firm for work at Islam’s holiest location. Two of the sources said the government had paid SBG a small portion of the amount it owed for the Grand Mosque project before the Eid al-Adha Islamic holiday this month but a large amount remained outstanding. SBG had SAR1.07bn of approved payments on work completed on the project up until December 2015 which the Saudi government had yet to pay. It had since filed a further SAR1.3bn of claims for work covering the period January-April 2016, for which approval is still needed. In lieu of these receivables being paid, the builder asked banks to accept an extension to 31 August, but when the government failed to pay up in full, the company has once again asked lenders for more time. (Reuters)   Dubai Islamic Bank: AED5.33 as of 20 Sept 2016, Rating: Neutral, FV: AED5.80/share, MCap: USD7,178mn, DIB UH / DISB.DU Emirates NBD: AED8.20 as of 20 Sept 2016, Rating: Buy, FV: AED10.00/share, MCap: USD12,418mn, EMIRATES UH / ENBD.DU