Saudi to auction detained tycoon’s real estate assets

The indebted billionaire Maan al-Sanea and his real estate company Saad Group will be auctioned starting next month to help repay billions of riyals due to creditors.

Saad Group, with pursuits spanning banking to healthcare, defaulted along with Ahmad Hamad al-Gosaibi and Brothers (AHAB) in 2009, leaving banks with unpaid debt of about $22 billion in what was Saudi Arabia’s largest monetary meltdown.

The billionaire was ranked by Forbes in 2007 as one of the world’s 100 richest people, he was detained last year for unpaid debts dating back to 2009 when his company, Saad Group, defaulted.

The first auction will take place in October this year of undeveloped and commercial land plots, a farm, and income-generating residential buildings in Eastern Province’s Khobar and Dammam.

According to the sources Saad’s group total debt to be between 40 billion and 60 billion riyals. The auction had been delayed because of weakness in the local property market.

Earlier In March, the first phase of the auction took place with around 900 vehicles owned by Saad Group, including trucks, buses, diggers, forklift trucks and golf carts and that auction raised around 125 million riyals.

[source_without_link]SIASAT NEWS [/source_without_link]