Middle East Economic Survey

VOL. LII

No 26

29-Jun-2009

SAUDI ARABIA

Banks Reduce Lending To Privately-Owned Saudi Companies

International banks were taken aback when two large privately owned Saudi domestic conglomerates ran into trouble. Most of their concerns had centered on how the financial crisis would impact Dubai, so when problems emerged with some of Saudis preeminent players Saad Group, whose chairman is billionaire businessman Maan al-Sanea, and Ahmad Hamad Algosaibi & Brothers...