abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeblueskyburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfilterflaggenderglobeglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalitywebwhatsappxIcons / Social / YouTube

Cette page n’est pas disponible en Français et est affichée en English

Article

23 mar 2016

Auteur:
Nicolas Parasie, WSJ

Oil’s Decline Takes Toll on Saudi Conglomerate

Voir tous les tags Allégations

[Subscription required] 

Saudi Binladin Group (SBG) struggles with massive debt as government cuts funding for megaprojects. 

An executive at one of SBG’s subsidiaries said the parent company hadn’t provided any funding to the unit for more than six months, triggering a funding crunch that has stalled longer-term plans. Regional and international bankers say the group is sitting on more than $30 billion in debt...[and] has already defaulted on an unspecified number of debt repayments...[because] the Saudi government has failed to make payments on time for completed or ongoing construction work...SBG accounts for about 70% of Saudi government construction contracts by value according to some industry estimates, making it the construction group most vulnerable to a slowdown in spending.

The group decided last year to eliminate 15,000 jobs out of a workforce of approximately 200,000...The failure to pay some of its employees has stirred labor tensions in the kingdom where large demonstrations are rare. Hundreds of SBG workers took to the streets at the end of February to demand unpaid wages...After police intervened, and following meetings with company representatives, the protesters obtained a guarantee they would receive their unpaid wages and also the chance to leave the country or switch employer...“Saudi Binladin Group has failed to pay their workers for months,” said Khaled Abalkhail, a spokesman for the labor ministry. “They have been sanctioned according to regulations.” 

In the absence of Western-style bankruptcy courts in Saudi Arabia, bankers warn that any sort of restructuring proceedings at SBG would be lengthy and complicated. A financial adviser familiar with the SBG situation said, “There will have to be a political solution"...[others] close to the group say it is unlikely SBG will ever be allowed to go under...“It’s too big to fail,” said a creditor at a Persian Gulf bank company who is close to SBG. “It’s an integral part of the Saudi system so they will find a solution,” the person said.

Chronologie

Informations sur la confidentialité

Ce site utilise des cookies et d'autres technologies de stockage web. Vous pouvez définir vos choix en matière de confidentialité ci-dessous. Les changements prendront effet immédiatement.

Pour plus d'informations sur notre utilisation du stockage web, veuillez vous référer à notre Politique en matière d'utilisation des données et de cookies

Strictly necessary storage

ON
OFF

Necessary storage enables core site functionality. This site cannot function without it, so it can only be disabled by changing settings in your browser.

Cookie analytique

ON
OFF

Lorsque vous accédez à notre site Web, nous utilisons Google Analytics pour collecter des informations sur votre visite. Autoriser ce cookie nous permettra de comprendre en plus de détails sur votre parcours et d'améliorer la façon dont nous diffusons les informations. Toutes les informations analytiques sont anonymes et nous ne les utilisons pas pour vous identifier. Outre la possibilité que vous avez de refuser des cookies, vous pouvez installer le module pour la désactivation de Google Analytics.

Cookies promotionels

ON
OFF

Nous partageons des nouvelles et des mises à jour sur les entreprises et les droits de l'homme via des plateformes tierces, y compris les médias sociaux et les moteurs de recherche. Ces cookies nous aident à comprendre les performances de ces items.

Vos choix en matière de confidentialité pour ce site

Ce site utilise des cookies et d'autres technologies de stockage web pour améliorer votre expérience au-delà des fonctionnalités de base nécessaires.