Oil’s Latest Casualty: Saudi Binladin Group Fires 50,000, A Quarter Of Its Workforce

Saturday, April 30, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
04/30/2016

In the latest clear sign that low oil prices are taking their indirect toll not only the US shale sector, leading to billions in capex cuts and hundreds of thousands of lost oil and gas jobs, on Friday Saudi newspaper al-Watan reported that the multinational construction conglomerate Saudi Binladin Group (which was founded in 1931 by Sheikh Mohammed bin Laden Sayyid, father of Osama bin Laden who was removed as a shareholder in the business in 1993 and disowned by the family) has laid off 50,000 staff as pressure on the industry rises amid government spending cuts to survive an era of cheap oil.

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