ECONOMY

Saudi billionaire Maan al-Sanea property auction fetches over $54 mln

The businessman, ranked in 2007 by Forbes as one of the world's 100 richest people, was detained by authorities late last year for unpaid debt. (AFP)

Sales from the third auction of the property of Saudi businessman Maan Al-Sanea, consisting of 10 properties distributed between residential and commercial complexes and buildings, amounted to 203.6 million riyals ($54,293,000).

Abdulaziz Al-Rashid, head of the Etqaan Alliance consortium appointed to sell Sanea's property, said that the third auction received real interest from people in the real estate field, as it includes residential and investment properties in Al-Khobar and Al-Aziziyah.

“The fourth auction is on schedule and will happen in January next year,” al-Rashid said.

The first and second auctions of cars, equipment and movable property generated sales of 125 million riyals, while experts expected the sale of Ma'an al-Sanea property to reach 2 billion riyals, an amount that covers only debts ranging between 15 and 20 percent.

The businessman, ranked in 2007 by Forbes as one of the world's 100 richest people, was detained by authorities late last year for unpaid debt dating back to 2009 when his company, Saad Group, defaulted on payments in what was Saudi Arabia’s biggest financial meltdown.

His case is separate from the dozens of Saudi businessmen and prominent figures who have been held in a corruption crackdown, although the dispute touches on similar investor concerns about Saudi corporate governance.

A three-judge tribunal established in 2016 to resolve Saad's debt dispute late last year appointed a consortium called Etqaan Alliance to liquidate assets owned by the billionaire.

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Last Update: Tuesday, 4 December 2018 KSA 18:40 - GMT 15:40
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