Workers stand next to a crane that collapsed at the Grand Mosque in Saudi Arabia's holy Muslim city of Mecca, September 12, 2015. PHOTO: AFP
An investigative commission had concluded that the company "was in part responsible" for Friday's tragedy, which killed at least 107 people and injured almost 400 during a severe thunderstorm accompanied by violent winds.
The company had not "respected the norms of safety" at the site, the official Saudi Press Agency said.
Read: Probe report filed on Saudi crane tragedy
The firm's executives have been forbidden from leaving the kingdom pending the completion of legal action against the company, SPA said.
During the same period, the company will also be excluded from new public projects.
The construction firm, which belongs to the family of the late Al-Qaeda leader Osama bin Laden, had been working for four years on a 400,000-square-metre (4.3-million-square-feet) enlargement of the Grand Mosque, to accommodate increasing numbers of pilgrims.
That is the equivalent of more than 50 football pitches, and will allow the complex to accommodate roughly two million people at once.
Compensation for crane collapse victims announced
Saudi Royal Court has announced compensation of one million Riyals for the bereaved families of the deadly crane collapse victims and half million for each of the injured.
No evidence of foul play was found in the incident and that it happened due to flawed positioning of the crane, the court added.
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