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Sun 15 Dec 2013 09:19 AM

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World's richest Arabs in construction

The Binladin Group won deals to construct Prince Alwaleed’s Kingdom Tower and the expansion of the King Abdulaziz International Airport.

World's richest Arabs in construction
9. The Bin Laden family $7.5bn ($8.1bn) Saudi Arabia
\nTwo years ago, the Binladin Group won deals to construct Prince Alwaleed’s Kingdom Tower and the expansion of the King Abdulaziz International Airport in Jeddah. Between then the contracts are worth over $20bn. Adding to those deals was a bumper contract to help build the first phase of the Haramain railway link. The family fortune is based on a construction business that paid immense dividends when decades ago it was awarded contracts for major renovations in Makkah and other religious buildings in Saudi Arabia and abroad. Founded by Mohammed Binladin, the family also built several palaces in Riyadh and Jeddah for the royal family and carried out restoration work following an arson attack on Jerusalem’s Al Aqsa Mosque in 1969. Salem, Mohammed’s eldest son, ran the empire left behind by his father upon his death in 1968 until he died when his private plane crashed in Texas in 1988. Thirteen of Mohammed's sons sit on the board of the family’s firm — the most prominent being Bakr, Hassan, Islam and Yehya.
World's richest Arabs in construction
10. Said Khoury $7bn ($7.2bn) Palestine
\nWith cousin Hasib Sabbagh, in 1952 Said Khoury founded Consolidated Contractors International Company (CCC), one of the first Arab construction companies. The company sees sales of $4bn a year and manages projects in 40 countries, with a focus on Middle East and North Africa. Born in Safad, Palestine, Khoury moved to Lebanon in 1948 after the Arab-Israeli war and got his first job helping to build Tripoli Airport. He is now based in Athens. CCC has built landmark projects in everything from Iraq’s Abu Ghraib prison (built in 1969, before the ascent of Saddam Hussein to the presidency of the country), to the Ronald Reagan National Airport in Washington, DC. The company has undertaken major projects in Azerbaijan, Turkey, Africa and the Gulf. The success of CCC is rooted in the early 1960s, with Sabbagh and Khoury securing a contract related to oil pipe storage facilities for the Iraq Petroleum Company, which entailed working with the Bechtel Group, the world’s largest construction company. That deal cemented a long and lasting relationship between CCC and Bechtel and it defined CCC’s scale of operations across the world.
World's richest Arabs in construction
29. Saad Hariri $3.3bn ($3.7bn) Lebanon
\nMarried with three children, Saudi-born businessman and politician Hariri is the wealthiest in his family, and a huge achiever in the Arab world. After graduating from the McDonough School of Business, he continued to meet the family’s high expectations, and in November 2009, at the age of 40, was sworn in as Lebanon’s prime minister. Raised in Saudi Arabia, Saad managed part of Rafiq Hariri’s business until his father’s assassination in 2005, when he returned home to follow him into politics and became an elected Member of Parliament (MP). As the general manager of Saudi Oger — the family’s $9bn construction company — he had huge success winning large projects, and helping build the company up to what it is today. But never one to put all his eggs in one basket, Hariri currently holds large stakes in a number of large firms. Solidere, for example, has rebuilt much of Beirut. Following the downturn, he admitted to revising the value of his construction portfolio, but has continued to push forward with a view to emerging from the recession successfully.
World's richest Arabs in construction
33. Bahaa Hariri $3.1bn($3.65bn) Switzerland (Saudi Arabia)
\nRafiq Hariri’s ledest son, Bahaa, chose not to follow his father’s path into politics and instead forged his own career in business. He currently resides in Geneva, and derives the bulk of his fortune from investment management. Other sectors include real estate development and logistics. His real estate arm, Horizon Development, focuses on commercial projects in Jordan and Lebanon. Horizon Development is a major shareholder in the Abdali Investment and Development Company, responsible for the development of a 20 million sq ft mixed-use project in Amman, worth about $5bn. As the eldest son of the late Lebanese premier, Rafiq Hariri, Bahaa has made considerable efforts to continue his father’s legacy. Part of that drive has included sponsorship of the Atlantic Council’s Rafiq Hariri Centre for the Middle East, a body that seeks to bind the region’s political and economic ties with the transatlantic nations.
World's richest Arabs in construction
50. Ayman Hariri $1.95bn ($2.15bn) Saudi Arabia
\nThe third son of Rafiq Hariri to make our list, Ayman Hariri is one of the drivers behind Saudi construction giant Saudi Oger. Hariri has played an important role in leading his multidisciplinary specialists to provide the talent, expertise and positive attitude that advance the company's reputation for excellence. His passionate and visionary style has helped Saudi Oger prosper in a variety of geographical regions and demanding business environments. He is currently handling the construction and facilities management of several multi-billion dollar mega projects such Princess Noura Bint Abdulrahman University for Women; King Abdullah Financial District; King Abdulaziz Centre for World Culture and many others. His direct involvement and dedication helped in the execution and handing over the state-of-the-art academic and administration buildings of the King Abdullah University of Science and Technology (KAUST) in record time.