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Saudi Arabia: Auction to Liquidate Businessman's Properties

A parking lot belonging to billionaire Maan al-Sanea is seen in Khobar in Saudi Arabia's Eastern Province February 26, 2018. REUTERS/Zuhair Al-Traifi
A parking lot belonging to billionaire Maan al-Sanea is seen in Khobar in Saudi Arabia's Eastern Province February 26, 2018. REUTERS/Zuhair Al-Traifi
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Saudi Arabia: Auction to Liquidate Businessman's Properties

A parking lot belonging to billionaire Maan al-Sanea is seen in Khobar in Saudi Arabia's Eastern Province February 26, 2018. REUTERS/Zuhair Al-Traifi
A parking lot belonging to billionaire Maan al-Sanea is seen in Khobar in Saudi Arabia's Eastern Province February 26, 2018. REUTERS/Zuhair Al-Traifi

The executive court in Khobar specified March 18 as a date to liquidate properties of Saudi businessman Maan al-Sanea, in order to pay off debts of creditors after around 10 years of the debts crisis that Saad Group suffered from.

Saad Group and Ahmed Hamad Algosaibi Brothers Co. suffered in 2009 the biggest debts' disclosure in the Persian Gulf with debts worth $20 billion for both.

Real-estate assets reached only $3.92 billion (SAR14.7 billion) and they include 20 lands owned by Saad Group of market value approximately worth $1.2 billion (SAR4.4 billion) and properties owned by Saad Group of market value worth $934 million (SAR3.5 billion) in addition to real-estate assets of around $1.8 billion (SAR6.8 billion).

The auction also includes a fleet of trucks, buses and vehicles of Saad Group of a total number of 923 in addition to 26 private vehicles owned by Maan al-Sanea.

The sequestrator affirmed that the auction doesn’t include Saad Specialist Hospital in Khobar, which is one of the major hospitals in the Eastern Province.

Maan was arrested on Oct. 18 in 2017, due to Saad Group failure to pay off debts worth billion American dollars -- because of a dispute with Algosaibi Group, Saab Group went disclosed.

Saad Group debts range between SAR40 billion and SAR60 billion. Saudi judiciary authorities appointed Etqaan Alliance to sell assets owned by Maan al-Sanea and his companies in an auction.

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Gulf

Saudi Arabia to Host Multinational ‘Spears of Victory 2026’ Military Exercise

The exercise will run from January 18 to February 5. SPA
The exercise will run from January 18 to February 5. SPA
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Saudi Arabia to Host Multinational ‘Spears of Victory 2026’ Military Exercise

The exercise will run from January 18 to February 5. SPA
The exercise will run from January 18 to February 5. SPA

The Spears of Victory 2026 military exercise, led by the Royal Saudi Air Force, is set to begin on Sunday at the Air Warfare Center in the Eastern Region.

The exercise will run from January 18 to February 5, featuring broad regional and international participation and highlighting ongoing efforts to strengthen military cooperation and joint operational integration.

The exercise will integrate branches of Saudi Arabia’s armed forces, the Ministry of National Guard, the Presidency of State Security, and the Unified Military Command of the Gulf Cooperation Council, alongside military forces from several countries.

The exercise aims to enhance combat readiness, foster the exchange of expertise in planning and execution, and unify the concept of joint military action among participating forces. It will focus on addressing current and emerging threats, advancing tactical capabilities, and promoting joint operational strategies.

Participating forces will execute joint and combined tactical operations designed to simulate current and emerging threats and to unify the concept of multi-domain joint air operations in an advanced electronic warfare environment.

The Air Warfare Center is one of the region’s most advanced training facilities, providing a sophisticated environment that simulates real operational conditions and supports the development and evaluation of combat capabilities.

Gulf

Saudi Arabia: King Salman Undergoes Medical Tests

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. SPA
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. SPA
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Saudi Arabia: King Salman Undergoes Medical Tests

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. SPA
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. SPA

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud is undergoing medical tests on Friday at King Faisal Specialist Hospital in Riyadh, the Kingdom's Royal Court said.

“May Allah protect the Custodian of the Two Holy Mosques and grant him continued health and well-being,” the Court added.

Gulf

Saudi Arabia Provides New $90 Million Support to Yemen’s Government Budget

Mohammed Al Jaber, Saudi Arabia’s ambassador to Yemen (Photo : X) 
Mohammed Al Jaber, Saudi Arabia’s ambassador to Yemen (Photo : X) 
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Saudi Arabia Provides New $90 Million Support to Yemen’s Government Budget

Mohammed Al Jaber, Saudi Arabia’s ambassador to Yemen (Photo : X) 
Mohammed Al Jaber, Saudi Arabia’s ambassador to Yemen (Photo : X) 

Mohammed Al Jaber, Saudi Arabia’s ambassador to Yemen, announced on Thursday that the Kingdom has provided new financial support to Yemen’s government budget to cover the payment of salaries for state employees, pursuant to directives from the Saudi leadership.

In a post on the social media platform X, Al Jaber said the support comes in addition to the development projects and initiatives announced on Wednesday in several sectors.

These include the provision of petroleum products to operate power plants, aimed at improving the living conditions of the Yemeni people, as well as support for the government’s efforts to implement an economic reform program to achieve financial and economic stability.

The Saudi ambassador also stated that salaries for all military and security forces affiliated with the Supreme Military Committee will be paid by the Saudi-led Coalition to Support Legitimacy in Yemen, starting on Sunday.

Al Jaber noted that these measures are expected to have a significant impact on society and on Yemen’s economy, which he said will receive substantial support from the Kingdom in the coming period.

Meanwhile, Yemeni Prime Minister Salem bin Breik said on Thursday that the new and urgent financial support from Saudi Arabia, totaling $90 million, reflects the Kingdom’s sincere fraternal stance and its continued commitment to supporting the Yemeni people, easing their humanitarian and living hardships, strengthening economic and financial stability, and ensuring the regular payment of salaries, which the government considers its highest priority.

In a statement to the Yemeni News Agency (Saba), bin Breik affirmed that the government, in full coordination with the Central Bank of Yemen, will immediately begin taking the necessary steps to ensure the swift disbursement of salaries to eligible public sector employees through transparent and responsible mechanisms that enhance confidence in financial and monetary institutions.

The prime minister praised Saudi Arabia’s leading role, under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, in supporting constitutional legitimacy and backing government efforts at the political, economic, and humanitarian levels. He said the support reflects the depth of fraternal relations and the shared destiny between the two countries.

Bin Breik added that the government continues to implement its economic and financial reform program, improve the efficiency of public resource management, and work with brotherly nations and international partners to improve economic conditions and restore monetary stability.