Among the numerous high-profile figures arrested overnight in Saudi Arabia on ‘anti-corruption’ charges, in addition to the shocking detention of prince Alwalaleed bin-Talal another unexpected name has emerged: that of Bakr bin Laden, chairman of Saudi Binladin Group and brother of Osama bin Laden. The Binladin Group is one of the biggest construction companies, with an annual turnover of $30 billion. It was carrying out the expansion of the Kaaba complex.
Bakr bin Laden
The family rejected al-Qaeda’s former leader, Osama Bin Ladin, because he was involved in terrorist activities in the 1990s. A quick primer on the Binladin Group from the WSJ:
Based in Jeddah and [ZH: formerly] favored by Saudi Arabia’s royal family, Saudi Binladin Group derives billions in annual revenue from a wide range of enterprises, including mosque construction, telecommunications and selling Snapple soft drinks in Saudi Arabia. Although the family’s U. S. spokesman says Saudi Binladin Group is wholly owned by the extended bin Laden family, not including Osama, he said he could provide no information on exactly which members have an equity interest in the company.
British paging company Multitone Electronics PLC said it was shocked to learn that its reseller in Saudi Arabia, Baud Telecommunications Ltd., is owned by the Binladin Group. “You’re joking,” Chief Executive Michael Walker said. “Oh bloody! I didn’t know. I thought it was just Baud Telecom.”
This post was published at Zero Hedge on Nov 5, 2017.