Auction of detained Saudi tycoon Maan
Auction of detained Saudi tycoon Maan al-Sanea's properties to start in December Gulf Business NewsSaudi Arabia will start auctioning real estate assets of billionaire Maan al-Sanea and his company on Dec. 2 to help repay billions of dollars due to creditors, ...
Posted on 11 November 2018 | 12:00 am
Dammam transport plan to improve
Dammam transport plan to improve connectivity ZAWYAJEDDAH: The first phase of the public transport plan for Dammam will be launched this month to establish the main structure for connecting it to other major ...
Posted on 1 November 2018 | 12:00 am
Grant Thornton's UAE chief has ringside seat
Grant Thornton's UAE chief has ringside seat to the Gulf's transformation Arab NewsDUBAI: Grant Thornton is riding just outside the leading pack of the Big Four accounting and consulting giants and, talking to the chief of its UAE business, ...
Posted on 13 October 2018 | 12:00 am
Saudi Arabia's reforms offer hope for
Saudi Arabia's reforms offer hope for cautious investors Gulf Business NewsSaudi Arabia's first comprehensive bankruptcy law went into effect last month, one of many reforms to the legal system that economists say may be more ...
Posted on 27 September 2018 | 12:00 am
Saudi Arabia auctions real estates of
Saudi Arabia auctions real estates of billionaire Maan al-Sanea apherald.com - unit of India Herald Group Publishers [P] LIMITEDRiyadh sources stated that Saudi Arabia will auction real estate owned by indebted billionaire Maan al-Sanea and his company starting next month to he.
Posted on 19 September 2018 | 12:00 am
Resolved Question: When people talk about
Such as when someone has things to say of that Pakistani, that indian, that chinese etc etc.. im kinda getting fed up with it all. Is this racism?
I know many people from different cultures such as arabs, americans, british that commit fraud, who cheat etc etc....
so please think of the context before you submit a question, think of the bigger picture. @Mahesh N - Well said i like your elaboration, and its all true well said again and thank you @H - No H you got me wrong, it was a general question, nothing to do with what you said at all. Like everyone else i have my free will to ask question. @H - Ans yes to the point westerners cheat their own kind even in there own countries, it happens but people dont see maybe they dont want to and turn a blind eye.
I agree asians are cheaters but not as bad as Americans, british who have cheated muslims all over the globe, and also westerns cheated there own fellow men out of money etc etc... @Anna - Thank you for your kind words, and your input @H - I can ask what i want here, like other people, whats accomodation go to do with it, i know you are a clever and smart girl you dont have to tell me, many questions get posted in the UAE section including mine, i have every right to post what i want. If you have and mahesh have any friction please sort it out your selfes, i like what he said with out offending others, i dont think he was being racist he was just clarifying the facts which he strongly believes in. We all share our views and opinions here and its not racism, I know H you are not racist but niether am i, I dont know about others.
Have you ever notices some of the replies i get H there personal and offensive but i brush it to one side.
H as i said before your a good person, keep it up :)) i have nothing against you.
Posted on 17 February 2010 | 5:21 pm
Resolved Question: The National publishes a
The media is biased. Rather than talk about Indians running away with their money, they talk about Dubai world and Maan al Sanea. I thought the National was not a tabloid like the gulf news.
Posted on 8 February 2010 | 1:10 pm
Resolved Question: 4 years delay and not
If any one of us delay making a payment that is due to a developer / financial institution, we would have the cops hunting for us.
When Nakheel or Maan al Sanea (Saad Group) use OPM (other people's monies) and get away for years at length, we are simply left helpless. The moral of the story is if you wish to default - make sure that you are really big. If you owe the bank 50K, you're screwed, if you owe the bank 50 Million, the bank is screwed.
Posted on 14 November 2009 | 2:34 pm
Resolved Question: It is a slow news day so
the UAE's and Saudi's ability to buy our bonds in the near future?
‘Never Go Bust’ Families Mean End of Easy Credit (Update2)
Sept. 17 (Bloomberg) -- Maan al-Sanea, one of Saudi Arabia’s richest men, operates his corporate empire barricaded behind a four-foot high concrete wall, painted in bright red stripes. A second, higher wall is topped with barbed wire, a reminder of the terrorist attack on his company’s nearby residential compound five years ago that killed 22 people.
Now al-Sanea is under a different kind of siege, this time from the family he married into and helped make him wealthy. In a region where business disputes are routinely settled in private, the family feud between the two most prominent names in the Saudi oil city of Al-Khobar -- Algosaibi and al-Sanea -- has erupted into public and curbed lending across the Gulf.
Eighty banks, including BNP Paribas SA and Citigroup Inc., are owed at least $15.7 billion, sparking a flurry of litigation. The battle has increased pressure for more transparency among the region’s family-run firms and less reliance on name lending, or borrowing based on reputation.
“With Maan al-Sanea or the Algosaibi family, the perception was that they would never go bust or never default,” Yazan Abdeen, a Dubai fund manager at ING Investment Management, said. “Facts are showing that this can happen. The banks in Saudi, Kuwait and the United Arab Emirates will get a hit, and this will make the banks alter their own lending models. It’s like a ‘black swan’ event, something no one saw coming.”
Al-Khobar, an oil-rich seaside city in the Persian Gulf, 250 miles east of Riyadh, is the center of a legal and financial struggle that has seen some of the Algosaibis accuse al-Sanea, ranked 62nd on this year’s Forbes magazine list of richest people, in court filings of siphoning off $10 billion in assets while he was running a money-management business for them.
The Saudi Arabian central bank ordered a freeze of al- Sanea’s accounts, bankers familiar with the instructions said on May 31. The Algosaibis then used a Cayman Islands court order to try to freeze $9.2 billion of his assets, court documents show.
“All of the allegations made are wholly without foundation,” al-Sanea’s company, Saad Group, said yesterday in an e-mailed statement. “While maintaining an absolute focus on its own restructuring, the Saad Group will respond appropriately and in a timely fashion to the erroneous claims made against it. However, this will be through a proper judicial process and not through the media.”
The Algosaibis declined to comment for this story, James Courtovich, a Washington-based spokesman for the family, said.
read the rest--- http://www.bloomberg.com/apps/news?pid=20601109&sid=aFIHYzyZB0gA
Posted on 17 September 2009 | 2:50 pm
Resolved Question: Maan Al Sanea full birth
Posted on 14 July 2009 | 9:37 pm