Bakr Bin Ladin hands over duties in shake-up at SBG

Saudi Bin Ladin Group (SBG) president Bakr Bin Laden is said to have handed over most of his responsibilities and duties to Saleh Mohammed Bin Laden, who is a director in the family-run construction conglomerate, Construction Week has reported.

The report cited a letter dated May 5, 2015, addressed to senior members of the Bin Laden family where Bakr Bin Laden also identified a number of other key figures to assist with the handover.

In a portion of the letter addressing Saleh Mohammed Bin Laden directly, Bakr Bin Laden wrote: “I have decided to entrust you with, and assign you, all the administrative and legal responsibilities related to the business of contracting, its industries and trade activities, which are currently under execution or which will be taking place in the future.”

The letter also advised Saleh Mohammed Bin Laden to exercise caution in SBG’s selection of future projects.

Binladin Group is one of the largest construction firms in the kingdom, building airports, hospitals, and universities as well as conducting work on the holy mosques in Mecca and Medina.

It has also completed projects elsewhere in the Middle East, as well as Africa and Asia, according to its website.

Bakr Bin Ladin currently holds a 23.6 percent stake in the family-owned business.