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2013 Construction Week Power 100: 1 - 10

by CW Staff on Jun 28, 2013



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4 Ayman Hariri
Vice Chairman and Deputy CEO, Saudi Oger

Ayman Hariri, who is just 35, typifies the new breed of dynamic constructors in the region and looks set to take his company forward in 2013.

With a personal wealth estimated at $1.35 billion, he is the son of Rafic Hariri, the Lebanese Prime Minister who was killed in 2005 when his motorcade was blown up in Beirut.

Hariri has seen his company deeply involved in the massive redevelopment of Saudi Arabia including the King Abdulaziz Centre for World Culture in Riyadh and four towers in the King Abdullah Economic City development.

Elsewhere, Saudi Oger is part of the Arabtec-led consortium named in January as the builders of the $653 Louvre Museum in Abu Dhabi.

While construction is at its heart, Hariri has overseen the company’s diversification into facilities management, telecoms and utilities proving his willingness to expand.

Its venture into banking has been less successful and company took out a $1.03bn syndicated loan in February, which will be used to replace debt related to its shares in Jordan’s Arab Bank.

Saudi Oger tapped the international loan market in August 2011 for a $2bn loan to build new police training facilities in Saudi Arabia.

At the time it was reported the company had reached its lending limits in some places but it was seen as a major recipient of the kingdom’s $400 billion spending plans over the next five years, so a three bank, dual currency loan was agreed.

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