Company Insights Saudi Binladin Group Construction Saudi Binladin Group Overview Saudi Binladin Group is a multinational construction conglomerate consisting of about 537 companies, with headquarters in Jeddah. Known as Binladin Group Global Holding Company since 2019, projects in Saudi Arabia have included construction work on the Royal Terminal, Jeddah, King Abdulaziz International Airport, New Haj Terminal, Jeddah airport, Al Faisaliyah Center in Riyadh and Um Alqura University in Mecca. In 2011, Saudi Binladin Group signed a $1.23 billion contractual agreement to construct the tallest building in the world, Jeddah Tower. It is also party to a $3.4 billion agreement to construct the Doha Metro. The group considered an initial public offering in 2011, but did not proceed. Low oil prices, a weak stock market and bureaucracy influenced the decision. Binladin has been the major contractor for over a decade of expansion works around the central mosques in the Muslim holy cities of Mecca and Medina. However it fell out of favour after a crane collapsed in Mecca during the Hajj season in 2015, killing 118 people. In 2022 the government appointed Rothschild, the UK financial advisory company, to supervise Saudi Binladin Group’s restructuring and reduce debt estimated to be in the range of $20-$30 billion. Saudi Binladin Group News Real Estate Jeddah Tower to cost $26bn as work restarts Saudi Arabian royal and billionaire Prince Al-Waleed bin Talal has revealed that the Jeddah Tower, which will be the world’s tallest structure, will cost nearly 100 billion riyals ($26 billion) to complete over the next three and half years. Construction has officially resumed on the project after it was paused in 2018. “We are back,” […] January 21, 2025 Real Estate Kingdom Holding’s profit rises 36% to $319m Kingdom Holding Company (KHC), founded by Saudi billionaire Prince Alwaleed Bin Talal and the developer behind what will be the tallest tower in the world, said nine-month 2024 net profit jumped 36 percent to SAR1.2 billion ($319.4 million) from SAR856 million a year ago. The higher profit was driven by an increase in the share […] November 7, 2024 Analysis Real Estate Real estate picks up in Saudi Arabia’s Eastern Province The Gulf city of Dammam and the Eastern Province that surrounds it have long trailed behind Riyadh, Jeddah and Mecca in the push for glitzy development, but real estate activity is picking up across the hospitality, residential and industrial sectors. The province, which has deep pockets thanks to its importance to the Saudi energy industry, […] October 14, 2024 Real Estate Work to resume on world’s tallest tower in Saudi Arabia Construction is to resume on the world’s tallest tower in Jeddah, Saudi Arabia, which will be over one kilometre high when completed. Jeddah Economic Company (JEC), an associate of Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has reached an agreement with Saudi Binladin Group to continue developing the Jeddah Economic Company Tower, KHC […] October 3, 2024 Construction Finance ministry to help Binladin Group pay off debts Saudi Arabia’s finance ministry has said it will lend Binladin Group money to pay back debts to banks. It is also considering raising its stake in the construction giant. The finance ministry’s Al Istedamah Holding currently holds around 36 percent of Binladin Group, a private company owned by the Bin Ladin family since it was […] August 2, 2024 Construction Three Saudi companies acquire fund behind world’s tallest tower The Saudi Arabian fund behind what will be the tallest tower in the world has been acquired in a $1.8 billion (SAR6.8 billion) deal. Kingdom Holding Company, Sumuo Holding Company and Jeddah Economic Company (JEC) have signed an agreement to take ownership of the Al Inma Jeddah Economic Fund, which is currently wholly owned by […] July 22, 2024 Construction PIF explores buying stake in Saudi Binladin Group Saudi Arabia’s Public Investment Fund (PIF) is planning to acquire a stake in Saudi Binladin Group, one of the biggest construction groups in the kingdom, a media report said. The sovereign wealth fund is working with US investment bank Morgan Stanley on a potential deal, Bloomberg reported, citing people aware of the matter. The $700 […] February 23, 2024 Analysis Construction Locals bemused by Jeddah’s planned transformation Amid a vast area of empty land in north Jeddah’s Obhur district, a lone unfinished tower stands out on the horizon with motionless yellow cranes around its edges – a stalled sign of the transformation of Saudi Arabia’s second city. Now work on the tower – possibly the tallest in the world upon completion – […] December 11, 2023 Analysis Giga-projects Saudi construction under pressure to deliver on its promise The Saudi construction sector is growing as the state showers money on giga-projects while oil prices are high, but the industry is under increasing government pressure to deliver, industry players say. A market that was previously dominated by favoured government contractors such as Binladin Group and the now defunct Saudi Oger has been liberalised. This […] October 30, 2023 Construction Doubts still swirl around completion of Jeddah Tower No final decision has been taken on construction the Jeddah Tower in Saudi Arabia, despite reports that building work on the controversial project had restarted. The planned skyscraper, which was set to be the tallest building in the world, was announced in 2009 by Kingdom Holding. Work stopped in 2017, however, after only a few […] October 3, 2023 Posts navigation 1 2 Next
Real Estate Jeddah Tower to cost $26bn as work restarts Saudi Arabian royal and billionaire Prince Al-Waleed bin Talal has revealed that the Jeddah Tower, which will be the world’s tallest structure, will cost nearly 100 billion riyals ($26 billion) to complete over the next three and half years. Construction has officially resumed on the project after it was paused in 2018. “We are back,” […] January 21, 2025
Real Estate Kingdom Holding’s profit rises 36% to $319m Kingdom Holding Company (KHC), founded by Saudi billionaire Prince Alwaleed Bin Talal and the developer behind what will be the tallest tower in the world, said nine-month 2024 net profit jumped 36 percent to SAR1.2 billion ($319.4 million) from SAR856 million a year ago. The higher profit was driven by an increase in the share […] November 7, 2024
Analysis Real Estate Real estate picks up in Saudi Arabia’s Eastern Province The Gulf city of Dammam and the Eastern Province that surrounds it have long trailed behind Riyadh, Jeddah and Mecca in the push for glitzy development, but real estate activity is picking up across the hospitality, residential and industrial sectors. The province, which has deep pockets thanks to its importance to the Saudi energy industry, […] October 14, 2024
Real Estate Work to resume on world’s tallest tower in Saudi Arabia Construction is to resume on the world’s tallest tower in Jeddah, Saudi Arabia, which will be over one kilometre high when completed. Jeddah Economic Company (JEC), an associate of Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has reached an agreement with Saudi Binladin Group to continue developing the Jeddah Economic Company Tower, KHC […] October 3, 2024
Construction Finance ministry to help Binladin Group pay off debts Saudi Arabia’s finance ministry has said it will lend Binladin Group money to pay back debts to banks. It is also considering raising its stake in the construction giant. The finance ministry’s Al Istedamah Holding currently holds around 36 percent of Binladin Group, a private company owned by the Bin Ladin family since it was […] August 2, 2024
Construction Three Saudi companies acquire fund behind world’s tallest tower The Saudi Arabian fund behind what will be the tallest tower in the world has been acquired in a $1.8 billion (SAR6.8 billion) deal. Kingdom Holding Company, Sumuo Holding Company and Jeddah Economic Company (JEC) have signed an agreement to take ownership of the Al Inma Jeddah Economic Fund, which is currently wholly owned by […] July 22, 2024
Construction PIF explores buying stake in Saudi Binladin Group Saudi Arabia’s Public Investment Fund (PIF) is planning to acquire a stake in Saudi Binladin Group, one of the biggest construction groups in the kingdom, a media report said. The sovereign wealth fund is working with US investment bank Morgan Stanley on a potential deal, Bloomberg reported, citing people aware of the matter. The $700 […] February 23, 2024
Analysis Construction Locals bemused by Jeddah’s planned transformation Amid a vast area of empty land in north Jeddah’s Obhur district, a lone unfinished tower stands out on the horizon with motionless yellow cranes around its edges – a stalled sign of the transformation of Saudi Arabia’s second city. Now work on the tower – possibly the tallest in the world upon completion – […] December 11, 2023
Analysis Giga-projects Saudi construction under pressure to deliver on its promise The Saudi construction sector is growing as the state showers money on giga-projects while oil prices are high, but the industry is under increasing government pressure to deliver, industry players say. A market that was previously dominated by favoured government contractors such as Binladin Group and the now defunct Saudi Oger has been liberalised. This […] October 30, 2023
Construction Doubts still swirl around completion of Jeddah Tower No final decision has been taken on construction the Jeddah Tower in Saudi Arabia, despite reports that building work on the controversial project had restarted. The planned skyscraper, which was set to be the tallest building in the world, was announced in 2009 by Kingdom Holding. Work stopped in 2017, however, after only a few […] October 3, 2023
