Saudi Oger shuts down operations
Saudi Arabia 
RIYADH, August 2, 2017 – Construction and infrastructure project development company Saudi Oger has closed down its operations on Monday after 39 years of existence in the Saudi Arabian market.
A source close to the firm told the Saudi Gazette that the National Electricity Company (NEC) has cut off power to its headquarters.
The closure follows weeks of speculation in the Saudi press that employees would be transferred to other firms and all workers would be laid off by July 31st. The company was reportedly under increasing financial pressures and had been unable to pay salaries.
In recent months, the company has been embroiled in multiple court cases filed by disgruntled creditors and in June 2017 the Saudi Executive Court forced it to pay entitlements to its employees.
Established in 1978, Saudi Oger was the first private company in Saudi Arabia to become active in mobile communication and boasted a utilities section that was an independent regional power and water producer. Saudi Oger owned significant stakes in the Saudi Investment Bank and the Jordan-based Arab Bank.
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