Saudi builder Binladin to cut about 15,000 jobs — sources

Dubai: Construction company Saudi Binladin Group plans to cut about 15,000 staff, people with knowledge of the matter said, in a sign of the pressure on the industry as the Saudi government trims spending in response to low oil prices.

The possible layoffs at Binladin, one of Saudi Arabia’s biggest firms and among the Middle East’s largest builders, would represent a small fraction of the group’s total workforce, which is around 200,000, according to its LinkedIn page.

But the planned cutbacks are an example of the choices which companies are having to make as Saudi Arabia’s economic boom loses steam.