Bin Laden plans initiating a number of real estate projects

Saudi Arabia Bin Laden

Bin Laden Group revealed its intention to diversify its activities in real estate sector in an attempt to decrease the dependency on governmental construction deals especially after the crane accident.

MEED magazine mentioned that the group owns a plenty of land plots in many Saudi cities including Riyadh and Jeddah. The group intends establishing a number of residential and commercial projects on these lands.

The magazine pointed out that many of its lands will fall under the undeveloped lands fine, thus, it would be better to exploit them in a way that bolsters the company’s business.

As a result of the crane accident which took place last year and left 107 dead and 238 injured, King Fahd ordered a travel ban on a number of the group’s board members until the end of investigations. The Saudi Ministry of Finance halted all construction works carried out by Bin Laden including the construction works taking place in the northern courtyard.