Title : The Fall Of Osama Bin Landen's Family Business Empire
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The Fall Of Osama Bin Landen's Family Business Empire
The headquarters of the Saudi Binladin Group is seen in Jeddah, Saudi Arabia May 9, 2018. Picture taken May 9, 2018. To match Special Report SAUDI-BINLADIN/FALL REUTERS/Katie Paul
Reuters: As a Saudi prince rose, the Bin Laden business empire crumbled
JEDDAH/RIYADH – Soon after Prince Mohammed bin Salman became second in line to the throne of Saudi Arabia, he turned his sights to the sprawling empire of the Saudi Binladin Group.
In 2015, the prince, then 29, approached Bakr bin Laden, chairman of the family-owned construction giant, and told him he wanted to become a partner in the firm, according to six people briefed on the exchange.
The prince pitched his offer as a patriotic opportunity to help transform the kingdom’s oil-dependent economy. It would also, he said, ease the financial strain on the company as the government reined in infrastructure spending to cope with a drop in oil prices.
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WNU Editor: Considering the negative karma associated with that name, I am surprised it took this long for it to fall apart.
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