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FINANCIAL NEWS
KSA’s Binladin Group to layoff 15k staff
25 Nov 2015
(MENAFN) Saudi Binladin Group, the multinational construction conglomerate intends to let go nearly 15,000 of its employees, according to recent reports.
Accordingly, the move comes as an inevitable response to the pressure on the industry as the Saudi government trims spending in response to low oil prices.
However, the expected layoffs in Middle East’s largest builders will only reflect a small fraction of the group’s overall workforce, which are around 200,000.
Meanwhile, the toughest long-term challenge for the Binladin and other Saudi construction firms may be government spending curbs in an era of cheap oil.
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