Saudi Arabia Cuts Family Influence in Binladin Group Overhaul

Only two Bin Laden brothers, Saad and Abdullah, are represented on the new nine-person board

Saudi Arabia's Crown Prince Mohammed bin Salman attends a graduation ceremony for the 95th batch of cadets from the King Faisal Air Academy in Riyadh, Saudi Arabia, December 23, 2018.
\ HANDOUT/ REUTERS

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.

Saudi businessman Khalid Nahas has been named chairman of the newly-established Binladin Group Global Holding Company, which is 36.22 percent owned by Istidama, a finance ministry subsidiary, and 63.78 percent by Binladin Company for Development and Commercial Investment.

Only two Bin Laden brothers, Saad and Abdullah, are represented on the new nine-person board, the document from the kingdom's ministry of commerce and investment reveals, in a break from the family's exclusive control over its earlier company, Saudi Binladin Group.