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.
