Saudi Publicly Traded Firms to Pay Two Month Bonus, SPA Says

Saudi companies listed on the Tadawul All Share Index (SASEIDX), including Sabic and Al Rajhi Bank (RJHI), will pay their staff two months pay in bonuses in line with a royal decree covering Saudi civil servants, the Saudi Press Agency reported.

Companies include Kingdom Holding Co. (KINGDOM), Samba Financial Group (SAMBA), Saudi Telecom Co. (STC), Saudi Electricity Co. (SECO), Saudi Real Estate Co. (SRECO), Saudi Arabian Mining Co. and Eastern Cement (EACCO) and the Saudi Investment Bank (SIBC), SPA said. They also set a minimum wage of 3,000 riyals ($800) a month for all Saudi employees, it said.

Saudi King Abdullah yesterday ordered new wage bonuses for civil workers as part of a $93 billion financial package, including $67 billion on housing and funds for the military and religious groups that backed the government’s ban on domestic protests.

Some companies will speed up the hiring of Saudi nationals in line with the king’s instructions, the news service added, without naming the companies.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.