A March 18 Reuters report has revealed a document from the Saudi Commerce Ministry disclosing details of a new management arrangement for the Saudi Binladin Group, including that the Finance Ministry-owned entity Istidama owns 36 percent of the construction and engineering giant. The arrangement for the conglomerate, which has been restructured as the Binladin Group Global Holding Co., gives the remaining 64 percent to the Binladin Company for Development and Commercial Investment. Only two members, Saad and Abdullah Binladin, of the holding company's new nine-member board belong to the founding family. Khaled Nahas, a member of the five-person committee leading the company's restructuring process, is board chairman.
The story of the Binladin Group's development has implications not only for Saudi companies but also for foreign companies looking to work with the Saudi government, and for the progress of Saudi Arabia's ambitious Vision 2030 reform plan....
