How Bin Laden construction empire fell to Saudi Arabia's Crown Prince
Your browser does not support HTML5 video.
New interviews reveal the dramatic decline of the once-powerful Bin Laden construction group which built most of modern-day Saudi Arabia at the hands of the Saudi Crown Prince.
Soon after Prince Mohammed bin Salman became second in line to the throne of Saudi Arabia, he turned his sights to the sprawling empire of the Saudi Binladin Group.
Prince – Bakr – Bin – Laden – Chairman
In 2015, the prince, then 29, approached Bakr bin Laden, chairman of the family-owned construction giant, and told him he wanted to become a partner in the firm, according to six people briefed on the exchange.
The prince pitched his offer as a patriotic opportunity to help transform the kingdom’s oil-dependent economy. It would also, he said, ease the financial strain on the company as the government reined in infrastructure spending to cope with a drop in oil prices.
Head – Saudi – Family – Building – Contractor
As head of the Saudi royal family’s favoured building contractor, Bakr bin Laden was accustomed to obliging royal requests. But he hesitated at the prince’s approach, these sources said. The construction mogul replied that he needed time to consult other family shareholders.
In the months that followed, Prince Mohammed bin Salman, known by many simply as MbS, grew more powerful, rising to crown prince in June 2017. He championed economic reform and took aim at widespread corruption.
Bin – Ladens – Contrast – Fall – Grace
The Bin Ladens, in contrast, experienced a dramatic fall from grace.
Three Bin Laden brothers, senior executives in the family firm, were among more than 200 businessmen, royals and officials detained in November 2017 in an anti-corruption drive ordered by the prince. Bakr and two of his brothers, Saleh and Saad, eventually transferred their combined 36.2 percent stake in the family firm to the state in April 2018. Bakr, in his late 60s, is still in custody, although no charges have been made public.
Reuters – Dozen – Saudi – Binladin – Group
Reuters spoke to more than two dozen Saudi Binladin Group employees,…
Original Source