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Binladin could sell some assets to pay its employees

Saudi Arabia - June 2, 2016
Binladin Group

A number of local reports in Saudi Arabia said the troubled Binladin Group will sell some of its properties and assets in order to cover its financial commitments.

Many of the Saudi construction company workers have gathered in Jeddah demonstrating the delay of their salaries.

The protesters expressed their anger against the company’s top management saying that they couldn’t understand why the company didn’t pay their payments especially since the government lifted the ban on providing its contracts.

They added saying that the company should have used the loans it received from Saudi British Bank and National Arab Bank, which reached in total SR2.5 billion, to cover its expenses.

In the same respect, the official spokesperson of Binladin Group Yaseen Al Attas assured that the company is totally committed to pay its employees and finish the contracted projects on time.

Regarding the company’s financial problem Al Attas said that the company won’t comment on its financial affairs or relations with partners.

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