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Saudi Binladin Group

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Saudi Binladin Group
مجموعة بن لادن السعودية
Company typePrivate conglomerate, holding company
IndustryConstruction
Founded1931; 93 years ago (1931)
FounderMuhammad bin Ladin
Headquarters
Jeddah
,
Saudi Arabia
Key people
Muhannad Al-Azzawi Chairman
OwnerIstidama Holding (36.22%)
Bin Laden family (63.78% through the Binladin Company for Development and Commercial Investment)[1]
Websitewww.sbg.com.sa

Saudi Binladin Group (SBG; Arabic: مجموعة بن لادن السعودية, romanized: Majmūʿat bin Lādin al-Suʿūdiyya), known as Binladin Group Global Holding Company since 2019,[1] is a multinational construction conglomerate 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 are also party to a US$3.4 billion agreement to construct the Doha Metro located in Doha.[2] The conglomerate comprises an estimated 537 companies.[3] The group's founder was business magnate Muhammad bin Ladin.

Overview

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The SBG was founded in 1931 by Sheikh Muhammad bin Ladin. whose relationship with the country's founder, Abdulaziz Al Saud, led to important government contracts such as refurbishing the mosques at Mecca and Medina. In 1964, Muhammad bin Ladin was commissioned to reclad the Dome of the Rock in Jerusalem.[4] 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, the eldest son of Muhammad bin Ladin, 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, along with thirteen other brothers who make up the board of the bin Ladin group. The most important of these include Hasan bin Ladin, Yeslam bin Ladin and Yehia bin Ladin.[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.[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 Binladin 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

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The bin Ladin group is represented in most Saudi cities — Riyadh, Dammam — and in a number of major cities in the region (Beirut, Cairo, Amman, Dubai). According to a synopsis by the PBS news program Frontline:[5]

The Group has constructed Abraj Al Bait Towers in Mecca[6] and has been contracted by Kingdom Holding Company to build the Jeddah Tower.[7]

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

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  1. Royal Terminal, Jeddah
  2. King Abdulaziz International Airport, New Haj Terminal, Jeddah
  3. Al Faisaliyah Center
  4. Madina-Qassim Expressway
  5. Um Alqura University, Makkah
  6. Lotus Compounds, Jeddah
  7. Noura bint Abdul Rahman University
  8. Abraj Al Bait Towers, Makkah
  9. Jeddah Tower, Jeddah
  10. King Abdullah Economic City
  11. Jamaraat Bridge
  12. Saudi Arabia National Guard Housing Project
  13. King Abdullah Financial District, Riyadh
  14. Saudi Arabian Railways Projects CTW-100 and CTW 110
  15. Al Masjid Al-Haram expansion

International projects

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  1. Blaise Diagne International Airport, Senegal
  1. Sharjah International Airport Expansion & Development, UAE
  2. University of Sharjah, UAE
  3. Expansion of Velana International Airport, Maldives
  4. Kuala Lumpur International Airport, Malaysia

Website

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SBG's Internet domain name, saudi-binladin-group.com, was registered on September 11, 2000, for one year, expiring on the same day as the September 11 attacks. The domain was later acquired by a domain speculator.[9]

References

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  1. ^ a b Kalin, Stephen (19 March 2019). "Exclusive: Saudi Arabia curbs family influence in Binladin group shake-up". Reuters.
  2. ^ Fattah, Zainab (2 August 2011). "Alwaleed Hires Saudi Binladin to Build World's Tallest Tower". Bloomberg Business.
  3. ^ 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.
  4. ^ "About Us". sbg.com.sa. Saudi Binladen Group. 2010. Archived from the original on 2011-02-19. Retrieved 12 September 2015.
  5. ^ "About the bin Laden Family". PBS. Retrieved 2 August 2011.
  6. ^ "Council on Tall Buildings and Urban Habitat". www.ctbuh.org.
  7. ^ "Bin Laden Group to build world's tallest tower". CNN. 2 August 2011. Archived from the original on August 10, 2011. Retrieved 2 August 2011.
  8. ^ a b "Saudi suspends Binladen group over Mecca crane crash - royal court". Reuters. 2015-09-15. Retrieved 2022-02-01.
  9. ^ Altman, Howard (9 November 2001). "Osama Family's Suspicious Site". Wired. Archived from the original on Jan 31, 2023.
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