Troubled Saudi firm lays off Quran printers

AFP, RIYADH: Woes deepened on Wednesday for employees of troubled conglomerate Saudi Oger which laid off more than 1,300 staff at a printing plant for the Quran, a newspaper reported.
The once-mighty firm led by Lebanon’s billionaire former prime minister Saad Hariri has been hit by a drop in income from its core construction business after Saudi Arabia delayed or cancelled projects in the face of plummeting oil revenues.
Other construction companies, which are dependent on state contracts, have also suffered because of delayed government receipts.
But sources earlier told AFP that the broader economic context is compounded at Saudi Oger by deeper problems including poor management. The Saudi Gazette said the contract staff at the King Fahad Quran Printing Complex in the Muslim holy city of Medina received termination notices on Tuesday.
It said it obtained a copy of the notice ordering workers “to complete the end of service procedures” as their contracts had been terminated on September 3.
They are the latest among tens of thousands of employees of Saudi Oger to suffer from the firm’s financial troubles.

Troubled Saudi firm lays off Quran printers

AFP, RIYADH: Woes deepened on Wednesday for employees of troubled conglomerate Saudi Oger which laid off more than 1,300 staff at a printing plant for the Quran, a newspaper reported. The once-mighty firm led by Lebanons billionaire former prime minister Saad Hariri has been hit by a drop in income from its core construction business after Saudi Arabia delayed or cancelled projects in the face of plummeting oil revenues. Other construction companies, which are dependent on state contracts, have also suffered because of delayed government receipts. But sources earlier told AFP that the broader economic context is compounded at Saudi Oger by deeper problems including poor management. The Saudi Gazette said the contract staff at the King Fahad Quran Printing Complex in the Muslim holy city of Medina received termination notices on Tuesday. It said it obtained a copy of the notice ordering workers to complete the end of service procedures as their contracts had been terminated on September 3. They are the latest among tens of thousands of employees of Saudi Oger to suffer from the firms financialtroubles.