Binladin Group sells some assets to pay wages: sources

Saudi Binladin Group (SBG) has reportedly sold some lands to be able to cover salaries for its employees, Al Watan newspaper reported, citing an unnamed company source.

The group’s remaining contracts under progress are valued at SAR 248 billion from a total of SAR 490 billion in contracts versus local and external loans of SAR 72 billion, the source added.

Last month, several Saudi Binladin employees set fire to more than seven company buses in protest over unpaid wages and at least 50,000 layoffs in recent months.

The financially troubled contractor recently used some of its properties in Makkah and Jeddah as collateral to secure a SAR 2.5 billion loan from local banks to be used towards paying end of services compensation to its employees.

Binladin also obtained SAR 100 million in loans from local banks to pay out employees’ salaries.