Bin Laden Group Denies Takeover by Saudi Government

The Saudi bin Laden group denied the last week’s international media reports that the Saudi government had taken over the company's management.

Construction Week online reported the confirmations of Bin Laden group that the company was "still a private company owned by its shareholders."

 “The company can also confirm that the ongoing contracted projects with the government, which is a large part of the business group's activities, will continue.”

This includes the ongoing projects regarding the two mosques and the rehabilitation project of Zamzam, which began months earlier and is expected to end before Ramadan this year.

In a related context, the company clarified that a number of selected shares were transferred to the government’s proprietorship to compensate the outstanding receivables. "Based on the information available to the administration, some shareholders may have agreed to a settlement that includes the transfer of some of the Group's shares to the Government of Saudi Arabia for Outstanding dues.”

“This is a positive step as it is currently restructuring the administrative team and the Senior management to discharge their obligations towards all stakeholders" the group’s statement added.

 The financial constrains that faced the company during the last few years have led to a reduction in company's available jobs. 

The company said in its statement that the restructuring efforts has been going for two years now with the aim of separating ownership from administration in accordance with senior management standards in response to the group’s growth.

 A supervisory committee has been set up to push forward the restructuring process, this committee has three independent members and two of shareholders.

 
 “The committee will restructure the group and enable the new executive management to lead the projects and overcome the current challenges, what enables the company to make profits again"  the statement added.