Saudi Arabia takes Bin Laden's stake in its construction group

Details:

• The paper, published by the Saudi Ministry of Commerce and Investment, reveals that only two brothers in the family, Saad and Abdullah bin Laden, are represented in the new nine-member board of directors, out exclusive control of the family over his former company Bin Laden Group.
• According to the document, Saudi businessman Khaled Nahhas will be appointed chairman of the newly formed group Bin Laden Holding, which will belong to the Sustainability Holding Company of the Ministry of Finance (36.22%), while Bin Laden for investment in development and trade will hold 63.78%.
• The Estidama Holding share is identical to that of the Bakr, Saleh and Saad brothers last year after being held at the Ritz-Carlton as part of an alleged corruption campaign spearheaded by Saudi Crown Prince Mohammed bin Salman.
• Reuters Other members of the board of the new entity include prominent Saudi businessmen with experience in some of the largest Saudi companies, such as Saudi Aramco, SABIC and Jabal Omar Real Estate Development.
• Khalid Nahas, the new president of the bin Laden group, was a member of a five-member committee, created in January 2018 to "implement the restructuring plan and allow the new management to lead the projects of the group." Company and meet its challenges and restore the profitability of the company ". Its time
• The committee was chaired by Abdul Rahman Al-Harakan, former CEO of real estate development company Dar Al Arkan, based in Riyadh, and is not part of the board of directors of the new company.
• In December, Reuters quoted Saudi Finance Minister Mohammed al-Jadaan as saying that Bin Laden's group would soon have a "natural board of directors" made up of family members and representatives of the government. government, after the restructuring of the trial by a panel of five members.
• Al-Jad's left open the possibility of possibly including bin Laden in the stock market.
• (Reuters) – The financial director of Saudi Arabia, Klaus Frolish, resigned after the restructuring of the construction giant, sources said Monday.
• The company named Froliche, a former Morgan Stanley banker, in 2016 to help it overcome the crisis brought on by the collapse of a sacred mosque crane building in Mecca, making 107 dead.
• A former Reuters report said the bin Laden group had found itself in a conflictual situation with the government after its chairman, Bakr bin Laden and fellow shareholders resisted the pressure exerted by the pre-listing.
• In January, after being detained for nearly 15 months, Bakr became his last released brother, among whom the Saudi authorities declared that it was a campaign against corruption involving princes and ministers, but undermining investor confidence. Crown Prince Mohammed bin Salman to control power in the country.
• Bin Laden Group, with over 100,000 employees at its peak, is the largest construction and construction company in Saudi Arabia.