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Middle East - Saudi Binladin to Sell Assets to Pay Salaries

03 Jun 2016

Saudi Bin Laden 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. 

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