Saudi BinLadin Group fails to clear dues, slashes thousands of jobs amid oil downturn

Jeddah-based construction conglomerate Saudi BinLadin Group failed to clear dues of its workers and fired thousands of employees amid the recent oil downturn which badly dented its bottom line, Arab media reported.

BinLadin Group failed to deliver on its promise to pay overdue salaries to 0.1 million employees on Monday. The multinational giant was forced to cancel several projects and laid off thousands of workers as the slump in oil prices last year left the company battling a severe financial crisis.

Around 31,000 foreign and local employees, including 31 Pakistanis, have registered complaints against the company for its failure to pay them the dues.

Chairman of the construction committee told the media that the Group would only be able to pay the overdue salaries once it receives withheld payments from the government.