Saudi Binladin Group Restructures Board with Government-Backed Overhaul: Sources told Maaal

Saudi Binladin Group, one of the region’s largest construction companies, has restructured its board of directors, appointing seven members, including four government representatives, as part of a comprehensive plan to stabilize its operations and enhance its financial position, sources told Maaal newspaper.

The restructuring aligns with measures outlined by the Ministry of Finance to support the group, which has been pivotal in Saudi Arabia’s construction sector for over seven decades.

According to the sources, who spoke on condition of anonymity, the new board comprises professionals with extensive expertise in management, finance, and real estate development. The appointees include:

Abdullah Al-Saadan, former chairman of the Royal Commission for Jubail and Yanbu, with three decades of experience at state oil giant Aramco.

Dr. Abdulrahman Al-Barrak, former vice chairman of the Capital Market Authority, known for his expertise in financial markets, corporate governance, and internal auditing.

Ahmad Al-Sa’adi, former executive vice president of technical services at Aramco.

Eng. Mosaed Al-Ohali, former CEO of mining firm Maaden.

The remaining three seats are held by representatives of the Bin Laden family and associated professionals. These include:

Yeslam Binladin and Abdullah Binladin, members of the family.

Khalid Al-Amoudi, former CEO of Jabal Omar Development Company and former supervisor of the Saudi Real Estate Development Fund and Sakani housing program, with over 30 years of experience in management, development, and real estate financing.

The restructuring follows the government’s acquisition of a majority stake in the company, part of a settlement to resolve the group’s debts with local and international banks.

In a statement, the Ministry of Finance said the measures aim to bolster the company’s financial stability, enabling it to meet its obligations and secure financing for ongoing and future projects. Key projects include the expansion of the Two Holy Mosques in Mecca and Medina, which have long been central to the group’s portfolio.

Last October, the National Debt Management Center arranged a 23.3 billion Saudi riyal ($6.2 billion) syndicated loan with local and international banks to support the group’s financial stability.

The board overhaul is seen as a significant step in revitalizing the construction sector and positioning the Binladin Group to play a leading role in Saudi Arabia’s Vision 2030 projects. These include developing infrastructure for the 2030 World Expo and the 2034 FIFA World Cup, as well as other megaprojects.

Founded over 70 years ago, the Binladin Group has been a cornerstone of Saudi Arabia’s urban development, contributing to major infrastructure projects both domestically and internationally. Renowned for its ability to operate in challenging environments, the group has delivered projects across Asia, the Middle East, and Africa, including airports, residential developments, and iconic religious structures.

The group’s reputation for quality and expertise has established it as a global leader in the construction industry.