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'SBG cuts 50,000 jobs amid oil price slump'

SBG terminated the contracts of 50,000 workers and gave them permanent exit visas to leave the Kingdom, it has been reported

SBG has terminated 50,000 contracts. [Representational Image]
SBG has terminated 50,000 contracts. [Representational Image]

Saudi Binladin Group has laid off 50,000 staff amid government spending cuts following the recent plunge in oil prices, it has been reported.

The total workforce at Binladin, one of Saudi Arabia's largest construction firms, is around 200,000, according to its LinkedIn page. 

The firm has terminated the contracts of 50,000 workers - allegedly all foreigners - and given them permanent exit visas to leave the kingdom, al-Watan reported, citing unnamed sources. 

The Saudi newspaper said the workers refused to leave the country without getting paid - with some having no received wages for more than four months.

Binladin did not immediately reply to an email seeking comment on Friday, a day off in the Gulf region.

 

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Construction Week - Issue 745
Jun 30, 2019