News Italy

Osama bin Laden’s family buys into Italian marble firm

The Saudi construction group is the first foreign investor to enter the traditional Italian industry

For more than 2,000 years, Marmi Carrara quarries have provided marble for monuments and sculptures all over the world, from Michelangelo’s David to London’s Marble Arch

One of the world’s largest construction groups, Saudi Binladin Group, which is owned by Osama bin Laden’s family, has bought a 50% stake in the Italian marble firm Marmi Carrara for €45m. Marmi Carrara owns 50% of the company Società Apuane Marmo, which holds the rights to mine one-third of Carrara’s world-famous quarries and extracts around 400,000 tonnes of marble a year. The other half of Marmi Carrara remains in the hands of two local families.

This is the first instance of foreign investors entering the industry, and is viewed by some politicians as another example of Italian industries being sold off. For more than 2,000 years, the quarries have provided marble for monuments and sculptures all over the world, from Michelangelo’s David to London’s Marble Arch.

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