Riyadh – Mubasher: Saudi Binladin Group has revealed restructuring plans that will include implementing a raft of procedures.
The construction giant plans to change its name, in addition to cutting some jobs after its chairman was arrested in the kingdom’s anti-corruption probe in November 2017, according to Reuters.
There are about 750 employees who received a one-month notice before leaving, the news agency added.
The largest number of job cuts will be carried out on King Abdulaziz International Airport scheme.
On a side note, another media sources stated that Binladin’s 537 subsidiaries will be reduced by merging, wounding down, or selling, whereas the remaining ones will be managed by the new structure.
The Saudi government currently owns a 35% stake in the contracting firm, which is managed by a five-member committee appointed by the government.
