Posted on 05/03/2016 7:56:04 AM PDT by Lorianne
Construction company Saudi Binladin Group has laid off 50,000 staff, a newspaper reported on Friday, as pressure on the industry rises amid government spending cuts to survive an era of cheap oil.
The total workforce at Binladin, one of Saudi Arabia's biggest firms and among the Middle East's largest builders, is around 200,000, according to its LinkedIn page.
Saudi newspaper al-Watan, citing unnamed sources, reported that the group has terminated the contracts of 50,000 workers - apparently all foreigners - and given them permanent exit visa to leave the kingdom.
The paper said the workers refused to leave the country without getting paid and some had not received wages for more than four months. They were protesting in front of the Binladin's offices in the country almost daily, the paper added.
(Excerpt) Read more at cnbc.com ...
Let the Saudis drink their oil, and pound their sand up the other end.
What it basically says is that the short-term construction strategy of Saudi Arabia is coming down to a few projects and I’d take a guess that another 50,000 workers will be let go by the end of 2016. The question is...will the Russians see this as an opportunity now, and pump as much as possible....keeping the price ultra low, and create a fractured kingdom where chaos and order dissolve into urban warfare? If I were Putin, I’d really be thinking of some wild scenario where no oil comes out of Saudi Arabia for a long, long time. Lessen the world’s producer states by one, and let some ISIS squad run wild over the kingdom.
Wasn’t there an article just yesterday about the Saudis inquiring with other countries about contracting to build a lot of housing? Are the Saudis “offshoring” their labor now, too?
The gamble is “who goes broke first: Saud or the Russians?”
Russia desperately needs to pays its’ bills. They cannot do that with low oil prices.
For a couple hundred a month they can join ISIS in Syria and Iraq. Sort of a high turnover and there is some risk, but they look like they’re having fun in their Youtube videos. Who wouldn’t like to do the David Letterman thing and throw people off of buildings?
Yes I saw that story and it seemed odd to me too.
Saudis have imported most of their labor for a long time now.
This might be a real good time for Russia to broker a deal with the US providing oil at more than competitive prices in trade for food and other trade stipulations. The US has been trying to put a collar on the Soviets for years. What better way than through their stomachs?
red
Already got rid of Venezuela. Of ourse the bad news is that since they supported Cuba, Barky had to run to the rescue.
Maybe they should change their name
Now there are 50,000 more available terrorists.........
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