Saudi strives to bring Saudi Oger back on its feet

The government of Saudi Arabia is in its final stages of the business proposal to take over construction conglomerate Saudi Oger.

Saudi Oger suffered a terrible hit by the slow pace of the Saudi construction sector due to decreasing investments, low oil prices and delaying the payments of thousands of their employees for several months.

Al Akhbar newspaper reported that the company, which is owned by the family of former Lebanese Prime Minister Saad al-Hariri, will be bought over by the businessmen or government of the ruling family. The agreement is expected to be reached within 10 days.

The buyers will be taking on all debts and financial commitments of Saudi Oger. The newspaper also says that Saad al Hariri was negotiating to keep a stake in the company, hoping to keep 40% in exchange for giving up shares in the bank.

Meanwhile to resolve the crisis of the unpaid labourers, the ruler has proclaimed that all cases involved with workers of Saudi Oger need to be resolved immediately. Following Royal orders, Labor and Social Development Minister Mufrej Al-Haqabani has already begun taking steps to help labourers, mostly Indian, get back on their feet.

Saudi Arabian Airlines has also agreed to send back any Indian worker who wants to leave, easing restrictions over them from leaving the Kingdom.

Al-Haqabani promised to appoint lawyers at the expense of the government to follow up on claims in courts to ensure that the unpaid salaries and financial dues are fully settled.

Source