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Saudi Binladin Group
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Saudi Binladin Group
مجموعة بن لادن السعودية
Saudi Binladin group offices,
Dubai,
United Arab Emirates.
Type
Private conglomerate,
holding company,
subsidiary
Industry Construction
Founded 1931; 88 years ago
Founder ALmoalim Mohamed Binladen
Headquarters
Jeddah
,
Saudi Arabia
Key people
Bakr bin Laden, Chairman
Website www.sbg.com.sa
Saudi Binladin Group (
SBG;
Arabic: مجموعة بن لادن السعودية
Maǧmūʿat Bin Lādin al-Saʿūdiyyah) is a
multinational construction conglomerate and is headquartered in
Jeddah,
Saudi Arabia. In 2011, the Saudi
Binladin Group signed a US$1.23 billion
contractual agreement to construct the tallest building in the world,
Jeddah Tower in
Jeddah. They also are party to a US$3.4 billion agreement to construct the
Doha Metro located at
Doha.
[1] The conglomerate comprises an estimated 537 companies.
[2]
Contents
Overview[edit]
The SBG was founded in 1931 by
Sheikh Mohammed bin Laden Sayyid, whose relationship with the country's founder,
Abdel Aziz al Saud, led to important government contracts such as refurbishing the mosques at
Mecca and
Medina.
In 1964,
Mohammed bin Laden was commissioned, recladding the
Dome of the Rock in
Jerusalem.
[3] After the death of Sheikh Mohammed in 1967, the group was headed by
Mohammed Bahareth, brother of Mohammed's first wife and uncle of his oldest children. In 1972,
Salem bin Laden, the eldest son of Mohammed bin Laden, took over as his father's successor, with the assistance of several brothers. Upon Salem's death in a plane crash in 1988, the leadership of the group passed to one of Salem's brothers,
Bakr, the current chairman, along with thirteen other brothers who make up the board of the bin Laden group, the most important of these being
Hassan,
Yeslam and
Yehia.[
citation needed] The most controversial brother was
Osama Bin Laden, the leader of
Al-Qaeda who directed the
September 11 attacks. Questions have been raised[
by whom?] into the families personal and business interests in terrorism.[
citation needed]
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.
[2]
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.
[2] The government of Saudi Arabia subsequently established a five-person committee to run the Binladen Group, which includes of Abdulrehman al-Harkan, Khaled Nahas, Khalid al-Khowaiter.
[2] Reuters described the ownership transfer as a functional
nationalization, with al-Harkan, the committee's chairman, reporting to Finance Minister
Mohammed Al-Jadaan.
[2] al-Karkan subsequently negotiated an 11 billion riyal loan from the
Ministry of Finance.
[2]
Current activities[edit]
The bin Laden group is represented in most Saudi cities —
Riyadh,
Dammam — and in a number of capital cities in the region (
Beirut,
Cairo,
Amman,
Dubai). According to a synopsis by the
PBS news program
Frontline:
[4]
The Group has constructed
Abraj Al Bait Towers in Mecca
[5] and has been contracted by
Kingdom Holding Company to build the
Jeddah Tower.
[6]
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.
[7] 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.
[7]
Saudi Arabia projects[edit]
- Royal Terminal, Jeddah
- King Abdulaziz International Airport, New Haj Terminal, Jeddah
- Al Faisaliyah Center
- Madina-Qassim Expressway
- Um Alqura University, Makkah
- Lotus Compounds, Jeddah
- Alameera Noura University
- Abraj Al Bait Towers, Makkah
- Jeddah Tower, Jeddah
- King Abdullah Economic City
- Jamaraat Bridge
- Saudi Arabia National Guard Housing Project
- Saudi Arabian Railways Projects CTW-100 and CTW 110
https://en.wikipedia.org/wiki/Saudi_Binladin_Group