Al Bayan Holding Group

Al Bayan Holding Group Limited
مجموعة البيان القابضة
Conglomerate
Founded 1980 (1980)
Headquarters Riyadh, Saudi Arabia
Area served

Saudi Arabia

Kuwait
Key people

Dr. Abdul Rahman Obeid Abdulrahman Al Hammad, Co-Owner (24.5%)[1], (CEO)

Nasser Al Hammad (Co-Owner)

Sultan Al Hammad (Co-Owner)
Website www.albayan.com.sa

Al Bayan Holding Group (Arabic: مجموعة البيان القابضة) is a group of companies and one of the leading businesses based in Riyadh, Saudi Arabia and in Kuwait City, Kuwait[2]. According to Reuters, in 2013, it became the first Saudi Arabian company to issue an Islamic bond in Malaysian ringgit[3]. The same news was also published by Saudi Gazette[4]. As part of the 1 billion Malaysian ringgit investment programme, Al Bayan kicked off the deal by pumping 200 million Malaysian ringgit. The Company, through its subsidiaries, provides services including real estate development and management, information and telecommunications, printing and packaging, logistics, and supply and trading[5]. In 2016, Bahrain's Trade Arabia reported that Spain's Telepizza signed off a franchisee deal with Al Bayan Holding Group in order to establish one of three Kingdom's branches in Riyadh. In 2014, Al Bayan Holding Group signed a $70 million syndicated Islamic term financing facility with a group of leading regional and international banks[6]. In 2012, Asharq Al-Awsat informed that Dr. Al Hammad was operating 20 companies in Saudi Arabia and in Gulf Cooperation Council[7], including Aloula Geojit Company[8].

Achievements

In 2005, Al Riyadh reported that Al Bayan Holding Group's Chairman Dr. Abdul Rahman Al Hammad signed a commercial advertising deal with Minister Iyad bin Amin Madani of Minister of Culture and Information[9].

In 2012, Al-Riyadh reported that the administration of King Abdullah Al Saud officially granted Al Bayan Holding Group to organize the annual Al Jenadriyah festival in Riyadh[10].

In 2013, Al Jazirah reported that the then Governor of Riyadh, Prince Khalid bin Bandar bin Abdulaziz Al Saud, awarded Dr. Al Hammad for the excellent work done by DNGO Contracting Company, one of the entitites of Al Bayan Holding Group for implementing the project of strengthening of water resources in Riyadh[11].

Al Hammad as Vice Chairman of Saudi Cooperative Societies Council

In 2015, Saudi Gazette reported that Dr. Al Hammad was appointed as the new Vice Chairman of Saudi Cooperative Societies Council on 22 November 2014[12] by Prince Saud bin Salman bin Abdulaziz al Saud. However, the incumbency of Dr. Al Hammad's position is disputed after the 2017 crisis when Malaysia's RAM suspended Al Bayan Holding Group's ratings.

Major Contracts

In 2014, Hilton Hotels & Resorts signed a deal with Al Bayan Holding Group's Dar Al Bayan Real Estate firm in order to launch a hotel in Jubail, Saudi Arabia[13].

2017 Crisis

In March 2017, Malaysia's The Star reported that Malaysian RAM Rating Services of RAM Holdings Berhad, Kuala Lumpur suspended the rating of the RM1bil Sukuk Wakalah (2013/2023) issued by Al Bayan Holding Company following the group’s failure to meet certain obligations under RAM’s rating mandate. This resulted the escalation of Al Bayan's financial crisis[14].

“We were unable to contact Al Bayan and seek a satisfactory resolution of outstanding matters.”

 ― RAM

After the suspension of RAM ratings, it was reported that many firms started to withdrew their contracts and agreements with Al Bayan Holding Group, indicating that there is a financial crisis undergoing in Al Bayan.

2017 Anti-Corruption Drive

It was reported that the Saudi government arrested co-owners of Al Bayan Holding Group in November 2017, including Dr. Abdul Rahman Al Hammad, following Crown Prince Muhammad bin Salman's launch of 2017 Anti-Corruption Drive. However, these suspicions and allegations didn't appeared in the local press of Saudi Arabia.

Social Media Outrage

In December 2017, an Egyptian expatriate calling himself as an employee of Al Bayan Holding Group uploaded a video on YouTube where he explained about his mental harassment in the firm via the four co-owners. He also requested the arrest of co-owners and clearance of his dues through intervention of King Salman Al Saud[15]The same person uploaded a video in late December 2017 or early January 2018 where he records a footage through his mobile phone in which he shows a group of stranded employees of DNGO Contracting Company and Nahdaat Al Emaar, the two subsidiaries of Al Bayan Holding Group without their dues and salaries calling for justice[16].

In early January 2017, an person informing himself as an engineer assigned at Al Bayan Holding Group recorded a footage via his mobile phone and later uploaded it on YouTube. In the video, he had shown that employees holding banners are on strike against the firm as some of them didn't receive their dues and salaries from the past 13 months[17]. The same engineer uploaded a video in the same month of January where he shows stranded expatriates who didn't received their salaries for more than six months on strike against the firm at the Al Bayan's project site in 'Asir Region[18].

An another expatriate in Al Bayan Holding Group uploaded a video on YouTube in February 2018 requesting justice from King Salman Al Saud and Crown Prince Muhammad bin Salman Al Saud after he didn't received his salary for more than 12 months[19].

References

  1. ↑ "Abdulrahman Obeid Abdulrahman Al Hammad | Saudi Arabia | Decypha". www.decypha.com. Retrieved 2018-09-21.
  2. ↑ Technologies, Mano. "Kuwait Local | Bayan Holding Company - Kuwait City". www.kuwaitlocal.com. Retrieved 2018-09-18.
  3. ↑ Editorial, Reuters. "Al Bayan issues first ringgit sukuk from Saudi firm". IN. Retrieved 2018-09-16.
  4. ↑ "First Saudi firm issues sukuk in Malaysia". Saudigazette. 2013-04-24. Retrieved 2018-09-17.
  5. ↑ "Al Bayan Holding Group". www.bloomberg.com. Retrieved 2018-09-16.
  6. ↑ "Al Bayan signs $70m Islamic finance facility". tradearabia.com. Retrieved 2018-09-16.
  7. ↑ "شركة البيان القابضة تطرح استراتيجيات عمل لمؤسسات القطاع الخاص لتحقيق أهدافها,". archive.aawsat.com. Retrieved 2018-09-19.
  8. ↑ "Aloula Geojit". www.aloulageojit.net. Retrieved 2018-09-21.
  9. ↑ "«البيان» تحتكر إعلانات التلفزيون السعودي بـ 228 مليون ريال". جريدة الرياض (in Arabic). Retrieved 2018-10-01.
  10. ↑ "خادم الحرمين يكرم «مجموعة البيان القابضة» لرعايتها مهرجان الجنادرية". جريدة الرياض (in Arabic). Retrieved 2018-09-18.
  11. ↑ "بمناسبة تكريم سمو أمير الرياض لمجموعة البيان القابضة". www.al-jazirah.com. Retrieved 2018-09-18.
  12. ↑ "Al-Hammad urges creation of more Saudi cooperative societies". Saudigazette. 2015-12-24. Retrieved 2018-09-18.
  13. ↑ Net, Hospitality. "Hilton Worldwide Signs First Hilton Hotels & Resorts Property In Al Jubail, Saudi Arabia". Hospitality Net. Retrieved 2018-09-18.
  14. ↑ "RAM Ratings suspends rating of Al Bayan's RM1b Sukuk - Business News | The Star Online". www.thestar.com.my. Retrieved 2018-09-18.
  15. ↑ Medhat Bogee (2017-11-27), استغاثة العاملين بشركة مجموعة البيان القابضة بالرياض, retrieved 2018-09-18
  16. ↑ Medhat Bogee (2017-11-28), تكملة للاستغاثة للعاملين بشركة مجموعة البيان القابضة دونجو ونهضة الاعمار للمقاولات, retrieved 2018-09-19
  17. ↑ Engr.Sherief.Ahmed (2018-01-09), اعتصام موظفين مجموعة البيان القابضة بادارة الشركة بالعليا والشركة تطلب الشرطة للموظفين, retrieved 2018-09-18
  18. ↑ Engr.Sherief.Ahmed (2018-01-09), اعتصام عمال مجموعة البيان القابضة مشاريع عسير, retrieved 2018-09-21
  19. ↑ hamada Mostafa (2018-02-03), مجموعه البيان القابضه للمقاولات وتأخر رواتب سنه كامله, retrieved 2018-09-18
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