The influence of Saudi Arabia's Bin Laden family on its eponymous construct...
RIYADH - The influence of Saudi Arabia’s Bin Laden family on its eponymous construction business has been curtailed in a restructuring that follows an anti-corruption crackdown by Riyadh, a document seen by Reuters shows.
Only two Bin Laden brothers, Saad and Abdullah, are represented on the new nine-person board, the document from the kingdom’s commerce ministry reveals, in a break from the family’s exclusive control over its earlier company, Saudi Binladin Group . Other board members of the new entity include senior Saudi businessmen with experience at some of the kingdom’s most successful companies such as state-owned oil giant Saudi Aramco, petrochemical producer Saudi Basic Industries Corp, and property developer Jabal Omar Development Co.
That committee was led by Abdulrehman al-Harkan, a former chief executive of Riyadh-based developer Dar Al Arkan, who is not on the new company’s board.Jadaan left open the possibility that the Binladin company could eventually be listed on the stock market.
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