The SBG was founded in 1931 by SheikhMohammed bin Awad bin LadenSayyid, 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. 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 bin Laden, Yeslam bin Ladin and Yehia bin Laden. The most controversial brother was Osama bin Laden, the leader of Al-Qaeda who directed the September 11 attacks. Questions have been raised into the family's personal and business interests in terrorism. 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. 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. 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. Reuters described the ownership transfer as a functional nationalization, with al-Harkan, the committee's chairman, reporting to Finance MinisterMohammed Al-Jadaan. al-Karkan subsequently negotiated an 11 billion riyal loan from the Ministry of Finance.
Current activities
The bin Laden group is represented in most Saudi cities — Riyadh, Dammam — and in a number of capital cities in the region. According to a synopsis by the PBSnews programFrontline:
in Egypt the SBG is headed by Omar bin Laden as Chairman, Khaled bin Laden as CEO, Tarek Helmy as General Manager, and represents that country's largest foreign-owned private equity group, with over 40,000 employees.
in London the SBG set up a representative firm called Binexport in November 1990.
The Group has constructed Abraj Al Bait Towers in Mecca and has been contracted by Kingdom Holding Company to build the Jeddah Tower. 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. 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.
Saudi Arabia projects
Royal Terminal, Jeddah
King Abdulaziz International Airport, New Haj Terminal, Jeddah
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.
