A detained Saudi billionaire who led the collapsed Saad Group is seeking to repay part of a multi-billion dollar debt to creditors under a deal that could allow his release, people familiar with the matter told Reuters.
The businessman, Maan Al Sanea, was detained in October in the kingdom's Eastern Province for unpaid debts, and has since been in a civil detention centre in the city of Khobar, according to several sources.
Reemas Group, a financial consultancy hired by Saad Group, has outlined a proposed settlement covering US$4 billion (Dh14.7bn) in debt. In an email sent by Reemas to creditors, a copy of which Reuters has obtained, it suggests that they would get more of their money back than under a court-enforced liquidation of the company, albeit over a longer period.
At the height of his success, Mr Al Sanea held investments in a number of large companies, including a 3.1 per cent stake in British-based bank HSBC bought in 2007. That year, when his net worth was estimated at over $10bn, he was ranked by Forbes as one of the world's 100 richest men.
But Mr Al Sanea's fortunes turned in 2009, when his business collapsed under heavy debts, unleashing a series of long-running legal disputes.
Mr Al Sanea was detained a few weeks before Crown Prince Mohammed bin Salman launched a crackdown on corruption in which dozens of Saudi princes and businessmen are being held.
However, there is no indication that Mr Al Sanea's case is linked with this campaign, as he was detained by the Saudi authorities for unpaid debts rather than alleged graft.
Sources told Reuters that Mr Al Sanea has access to a telephone to speak to his legal team and advisers, and has been trying to organise the debt settlement with the help of some members of his family.
A source at the Ministry of Justice in Riyadh said Mr Al Sanea could be released if his debts with creditors are settled.
Khobar General Court could not immediately be reached for comment.
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Read more:
Saudi anti-graft detainees will get due process of law, Saudi UN envoy says
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Reemas Group, which has branches in Khobar and Bahrain, said in the email that 34 financial institutions had obtained court judgments in the case worth 15.7bn riyals.
"We have contacted 90 per cent either directly or via their local representative over the past few days. They have welcomed the idea, and we are yet to receive their preliminary consent in order to proceed with the next step," said the email, which was sent to other creditors last month.
Reemas said in the email that rather than auctioning off Saad Group's assets under the liquidation process, they would be moved into a special purpose vehicle, with creditors owning the new company. "The initiative would protect the [assets] from substantial reduction in value and enhance the debt coverage ratio to reach at least 20-25 per cent," it said.
Reemas Group did not immediately respond to a Reuters request for comment.
Saad Group, once one of the largest business conglomerates in the Arabian Gulf, collapsed under the weight of its debts in 2009 along with the family-owned Saudi conglomerate Ahmad Algosaibi and Brothers (AHAB). Since then, the two groups have been battling each other in the courts, with creditors seeking to recover billions of dollars.
AHAB said it had yet to be approached about the proposed debt settlement. "We are happy to engage in the dialogue and feel we should be included and if we're not included we will pursue all avenues available to us," said Simon Charlton, AHAB's chief restructuring officer and acting chief executive.
The debt settlement efforts, sources said, came after an entity established by the Supreme Judicial Council in Saudi Arabia, called the Joint Directorate of Enforcement at the General Court in Al Khobar (JDEK), took over Mr Al Sanea's personal assets and began a liquidation process for Saad Group.
The proposed settlement suggests creditors would recover the funds over a five-year period. Two sources said that according to the debt recovery path indicated by JDEK, they would get only 6 to 8 cents in the dollar but more quickly, over a period of one to three years.
According to the terms of the settlement, the special purpose vehicle would be supervised by a steering committee headed by Saudi Arabia's Arab National Bank.
Arab National Bank did not respond to a Reuters request for comment.
Two of the sources familiar with the matter confirmed that a consensual and speedy settlement would show Mr Al Sanea is serious about repaying creditors and could potentially accelerate his release.
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Leaderboard
63 - Mike Lorenzo-Vera (FRA)
64 - Rory McIlroy (NIR)
66 - Jon Rahm (ESP)
67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
A%20MAN%20FROM%20MOTIHARI
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EAbdullah%20Khan%0D%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EPenguin%20Random%20House%3Cbr%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E304%0D%3Cbr%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
PAKISTAN v SRI LANKA
Twenty20 International series
Thu Oct 26, 1st T20I, Abu Dhabi
Fri Oct 27, 2nd T20I, Abu Dhabi
Sun Oct 29, 3rd T20I, Lahore
Tickets are available at www.q-tickets.com
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
COMPANY%20PROFILE
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