Construction giant Saudi Binladin cuts jobs & salaries for thousands of workers amid Covid downturn
Author: Nicolas Parasie, Al Jazeera, Published on: 21 May 2020
"Saudi construction giant lays off thousands of workers," 20 May 2020
Saudi Binladin Group cut jobs and reduced staff salaries as Saudi Arabia's biggest construction firm navigates the fallout of the coronavirus pandemic...
thousands of employees [are] on indefinite, unpaid leave as it weighs options to lower costs by as much as 50%...
[Saudi Arabia] slashed spending on some large-scale projects, depriving Binladin - for decades the go-to developer for mega-projects - from its main source of revenue... the government allowed private-sector companies to cut salaries by as much as 40% for up to six months, while giving employers more rights to terminate contracts.
Related companies: Saudi Binladin Group