Saudi Binladin Group
Muhammad bin Laden | |
Headquarters | , |
---|---|
Key people | Muhannad Al-Azzawi,Talal Faris Abdelwahed,Nedal Faris, Talal Nedal, Chairmans |
Owner | Istidama Holding (36.22%) Bin Laden family (63.78% through the Binladin Company for Development and Commercial Investment)[1] |
Website | www |
Saudi Binladen Group (SBG;
Overview
The SBG was founded in 1931 by
The Group considered an initial public offering in 2011, but declined to do so due to a combination of low oil prices, a weak stock market, and bureaucratic obstacles.[3]
In April 2018, Bakr bin Laden, as well as his brothers Saleh and Saad, transferred their 36.2% stake in the Saudi Binladin Group to the Istidama Holding Company, which is owned by the Ministry of Finance.[3] The government of Saudi Arabia subsequently established a five-person committee to run the Binladen Group, which includes of Abdul Rahman Al Harkan, Khaled Nahas, Khalid Al Khowaiter.[3] Reuters described the ownership transfer as a functional nationalization, with al-Harkan, the committee's chairman, reporting to Finance Minister Mohammed Al-Jadaan.[3] al-Karkan subsequently negotiated an 11 billion riyal loan from the Ministry of Finance.[3]
Current activities
The bin Laden group is represented in most Saudi cities —
- in Egypt, the SBG is headed by private equity group, with over 40,000 employees.
- in Lebanon, the SBG, represented by Yehia bin Laden, has been holding negotiations with the local authorities for a $50 million share in the project to rebuild the bin Mahfouz Group.
- in London, the SBG set up a representative firm called Binexport in November 1990.
The Group has constructed
On 11 September 2015, while doing construction work in the Grand Mosque in Mecca, Saudi Arabia, one of the Group's cranes collapsed due to high winds causing 118 deaths and almost 400 injuries.[8] As a result, the Saudi king banned the firm from taking new projects while having its current projects reviewed. The Saudi government removed the ban on the Binladin Group in May 2016, allowing them to bid on new projects.[8]
Saudi Arabia projects
- Royal Terminal, Jeddah
- King Abdulaziz International Airport, New Haj Terminal, Jeddah
- Al Faisaliyah Center
- QassimExpressway
- Um Alqura University, Makkah
- Lotus Compounds, Jeddah
- Noura bint Abdul Rahman University
- Abraj Al Bait Towers, Makkah
- Jeddah Tower, Jeddah
- King Abdullah Economic City
- Jamaraat Bridge
- Saudi Arabia National Guard Housing Project
- King Abdullah Financial District, Riyadh
- Saudi Arabian Railways Projects CTW-100 and CTW 110
- Al Masjid Al-Haram expansion
International projects
- UAE
- UAE
- Expansion of Velana International Airport, Maldives
- Kuala Lumpur International Airport, Malaysia
Website
SBG's Internet
References
- ^ a b Kalin, Stephen (19 March 2019). "Exclusive: Saudi Arabia curbs family influence in Binladin group shake-up". Reuters.
- ^ Fattah, Zainab (2 August 2011). "Alwaleed Hires Saudi Binladin to Build World's Tallest Tower". Bloomberg Business.
- ^ a b c d e f Paul, Katie; Arnold, Tom; Ashad, Marwa; Kalin, Stephen (27 September 2018). McBride, Janet; Woods, Richard (eds.). "Special Report: As a Saudi prince rose, the Bin Laden business empire crumbled". Reuters.
- ^ "About Us". sbg.com.sa. Saudi Binladen Group. 2010. Archived from the original on 2011-02-19. Retrieved 12 September 2015.
- ^ "About the bin Laden Family". PBS. Retrieved 2 August 2011.
- ^ "Council on Tall Buildings and Urban Habitat". www.ctbuh.org.
- ^ "Bin Laden Group to build world's tallest tower". CNN. 2 August 2011. Retrieved 2 August 2011.
- ^ a b "Saudi suspends Binladen group over Mecca crane crash - royal court". Reuters. 2015-09-15. Retrieved 2022-02-01.
- ^ Altman, Howard (9 November 2001). "Osama Family's Suspicious Site". Wired. Archived from the original on Jan 31, 2023.
External links
- Saudi Binladin Group website
- Saudi Binladin Group website in United Arab Emirates (.ae) – full version
- Bin Laden Group at Sourcewatch