Saudi Binladin buys 50% stake in Italian company
Deal with marble manufacturer Marmi di Carrara worth $61mn
One of Saudi Arabia’s largest construction companies, Saudi Binladin Group (SBG), has announced that one of its divisions has bought a 50% stake in Italian marble manufacturer Marmi di Carrara in a deal worth $61mn.
SBG’s Saudi Marble & Granite Factory Company already has close ties with the Tuscan firm, having bought around a fifth of the company’s output last year.
Among the projects that Saudi Marble & Granite has worked on include ministry buildings and palaces in Saudi Arabia, as well as Dubai International Airport, Abu Dhabi International Airport and New Delhi Airport.
According to the company’s website, Saudi Marble & Granite already produces 100,000m3 of marble and granite from 14 quarries across the kingdom.
It established two new agencies, in Germany and Turkey, last year to help expand its exports.
Parent company SBG is most famous for having worked on some of Saudi Arabia’s most high-profile projects, including the expansion of the Holy Mosque in Makkah, the Al Faisaliyah Tower and King Abdullah Economic City.