Saudi Arabia releases $1 billion to Bin Ladin Group

According to report of Wall street Journal Saudi Arabia Released around $1 billion to Saudi Bin Ladin Group. This group is a family owned construction company, Saudi Bin Ladin for a few months dealing with several unrest of labours due to unpaid of wages. Saudi Arabia gives this amount to company for payment of wages and for fee of final exit for those labors who want to exit from ksa.

Saudi Binladin Group is from history involved in many mega projects such as  Holy Mosque expansion in Mecca and Riyadh’s financial district. As Saudi economy is facing decline due to lower oil prices most of payment for these mega projects become late and companies didn’t able to pay wages to their thousands of migrant workers even companies like Saudi Oger not able to execute amount required for Exit Visa required by worker to leave KSA.

Saudi Oger is already on edge of Bankruptcy owned by Lebanese Family didn’t able to pay to their labours even current worker are also facing these delays. Saudi Government already grant millions of rupees to Saudi Oger to solve this issue in some extent but as the time goes these problems were arising more.

Saudi Government is try their best to deal with low oil prices and trying to shift towards non-oil sectors. To achieve this a new vision 2030 is announced by Saudi Government to raise other sectors for improvement of economy.saudi-binladin-group-wages

King Salman leadership already start implementing these intiatives such as last week 20% salary cut for ministers and a reduction in allowances for members of the Shura Council. As well sngle entry Visa fee is also increased to 2000 Saudi Riyal.

Source: Wall Street