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Saudi Arabia: Bankruptcy stalks Saudi Oger
Construction industry giant Saudi Oger, which was considered one of the kingdom’s leading businesses for nearly 40 years, is on the verge of formerly declaring bankruptcy amid spiralling debts and payment defaults, sources in Saudi Arabia and Lebanon have told GSN. The company’s demise has been widely predicted, as it struggled to cope with a freeze on Saudi government contract payments and other problems. It has missed wage payments from late 2015 and accumulated huge debts which it can’t service.
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