Middle East Economic Survey

VOL. LII

No 30

27-Jul-2009

SAUDI ARABIA

Further Developments In the Saad, Algosaibi Saga

There have been further developments in the saga facing troubled Saudi conglomerates Saad Group and Ahmad Hamad Algosaibi & Brothers (AHAB). A lawsuit has been filed by AHAB in New York accusing billionaire Maan al-Sanea, Chairman of the Saad Group, of fraud and misappropriation of $10bn. AHAB had announced in June that it had uncovered strong evidence of substantial financial...