Saudi Bin Ladin Group cuts 100,000 jobs

It has been recently filtered that the major Saudi Arabian construction company, Saudi Bin Ladin Group, has issued 77,000 final exit visas meaning it had terminated 77,000 foreign workers.

Rumors further says that the group is planning to lay off up to 17,000 Saudi nationals, bringing the total number of job cuts to almost 100,000, representing almost half of its workforce.

Contacted by a local newspaper the construction giant replied that “adjusting the size of our manpower is a normal routine especially whenever projects are completed or near completion. Most of the released jobs had initially been recruited for contracted projects with specific time frames and deliverables” as reported by news agency Reuters.

As a matter of fact, Binladin has been under pressure since September last year, when it was suspended from receiving new state contracts after one of its cranes collapsed into Mecca’s Grand Mosque during a dust storm, killing 107 people.

In addition, the company is suffering from low oil prices that have led to government spending cuts to curb a record budget deficit.

As reported by ArabianBusiness, rumors say that Saudi Binladin group owe local and international banks a total of about 30 billion USD.

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