Built to inform

Sign up for the daily newsletters

No, Thank you

'Saudi Binladin to sell assets to pay salaries'

Saudi Binladin Group is reportedly taking the action in a bid to pay employees who have been protesting against non-payment of salaries

SBG is reportedly set to sell some of its property and other assets.
SBG is reportedly set to sell some of its property and other assets.

Saudi Binladin Group reportedly plans to sell some of its property and other assets in a bid to pay its debt.

The news comes after workers gathered in Jeddah earlier this week to protest the non-payment of salaries.

A source was quoted, by a local publication, as saying that the troubled firm is taking this action to pay employees.

Workers were protesting over non-payment of their end-of-service dues that would allow them to travel home before Ramadan, the source added as cited by Arab News.

According to reports, security forces had to disperse a large crowd that had gathered outside the company after sealing off Al-Hamadinia neighbourhood, north of Jeddah.

The source said Saudi Binladin has projects worth (SAR490bn) - with several worth (SAR248bn) in jeopardy.

Some workers have claimed not to have been paid for six monnths.

Saudi Binladin spokesman Yaseen Al-Attas said the company does not comment on its financial affairs or its relations with partners and that SBG is committed to paying employees and finishing contracted projects on time, Arab News added. 

 

 

 

Most popular

Awards

New category open for consultancies at CW Awards 2019 in Dubai
Sub-Consultancy of the Year to be crowned for the first time at the gala ceremony

Conferences

Leaders UAE 2019: Pinsent Masons confirmed as Gold Sponsor
Law firm is among the major construction industry players confirmed as sponsors for Leaders UAE's
Leaders in Construction UAE Summit returns in Sept 2019
Dubai conference to see top officials discuss the people, trends, and challenges that will power

Latest Issue

Construction Week - Issue 745
Jun 30, 2019