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Saudi's SABIC Freezes Bonuses to Maximize Cash Flow - ASHARQ AL-AWSAT English Archive
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RIYADH, (Reuters) – Saudi Basic Industries Corp (SABIC) will freeze promotions and bonuses for some 17,000 staff this year to maximize its cash flow amid as the global crisis bites, its chief executive said on Wednesday.

Staff working for SABIC Innovative Plastics and at SABIC Europe will not be affected because they have already been subject to a similar move, Mohamed al-Mady told Reuters.

“The firm looks at all costs and aims to keep a maximum amount of cash flow. But the internal conditions are excellent, our rating is good,” Mady said.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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