Can the Present employer can exit me, if i'm belong to another

Can somebody enlighten me regarding my problem, I am employed with my present company for 5 years, and the company give termination notice,which is against my will, may be due to subsidization, the company ask to look for another job, with-in one month and if not, the company will provide me a exit visa.

My question is, my present employer is my third employer from the day I come to Riyadh. Can they have the authority to process my exit visa, or the first employer have the authority to process my exit me.

In a limited time it is very hard to find a job, and if i have a chance to extended until the expiration of my iqama. Is that also possible?

Waiting for assistance.

dear,

your sponsor only can give u a final exit, so is the company is your sponsor in your iqama they can.

salam ,

your kafeel ( sponsor )who got your passport and his name on your Iqama and or his delegates are the only one who can issue exit visa
if the co. is your kafeel and have issued a written notice to you then that,s it ,,,,,,,you have to comply or object in a written notice
try the nice way by sweet talking if your boss is arab easier to break through his heart by reasoning out ,ask for more time
if not then start praying you find a job fast
good luck
H H