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Saad Group

Awal Bank extends bankruptcy process to U.S.

Bank files for Chapter 11 in New York; Awal controlled by Saad, Al-Sanea; More than $1 billion liabilities shown in petition.

October 23, 2010 12:38
 

Distressed Saudi conglomerate Saad vows to pay banks

Reuters data suggests loans worth around $5.5 billion are due in 2012; More than 120 banks believed affected.

April 23, 2010 9:43
 
Exposed, and it hurts

Exposed, and it hurts

Thirteen UAE banks, and seven foreign branches in the Emirates have a combined exposure of $2.9 billion to the Saad and Algosaibi groups, the Central Bank said on Wednesday. The bank insists everything is going to be ok. Is it?

November 19, 2009 4:19
 

Mashreqbank has received “no settlement offer” from Saad and Algosaibi groups

AE-based Mashreqbank has not received a settlement offer from troubled Saudi firms Saad Group...

November 15, 2009 2:31
 
Blown billions, Part II

Blown billions, Part II

Banks in the Gulf and beyond are reeling from Saudi Arabia’s Saad and al-Gosaibi scandal. We look at the web of relationships behind a dispute that will change the way business is done in the region, reports Trend magazine. Part II

October 17, 2009 9:27
 
Blown billions, Part I

Blown billions, Part I

Banks in the Gulf and beyond are reeling from Saudi Arabia’s Saad and al-Gosaibi scandal. We look at the web of relationships behind a dispute that will change the way business is done in the region, reports Trend magazine. Part I

October 14, 2009 4:44
 

Al Ahli Bank to sue Saad Group and chairman

Kuwait’s Al-Ahli Bank is planning on suing Saad Group and its founder and chairman, Maan al-Sanea, for…

September 23, 2009 2:57
 
Saudi banks not threatened by Saad fiasco

Saudi banks not threatened by Saad fiasco

The governor of Saudi Arabia Monetary Agency (SAMA) said that Saad and Algosaibi Groups’ $22 billion debt poses no threat to the nation’s banking system. What?

September 2, 2009 10:10
 

Algosaibi files countersuit against Mashreqbank

Ahmad Hamad Algosaibi & Brothers, a Saudi conglomerate, announced on Monday it will sue...

August 25, 2009 1:03
 

Saudi banks exposure to Saad fiasco at least $4bn

Saudi Arabia banks' lending exposure to both Saad Group and Ahmad Hamad Algosaibi & Bros may be between $4 billion and...

July 8, 2009 1:34