DUBAI – A Saudi court has approved an application by detained and indebted billionaire Maan al-Sanea and his company, Saad, to have their case resolved through the kingdom’s new bankruptcy law, the company’s financial adviser and two sources familiar with the matter said. The ruling in February could provide a resolution to one of the kingdom’s longest-running debt sagas. A commercial court in Dammam last month approved an application for financial reorganisation under the terms of the Saudi bankruptcy law and appointed an independent trustee to oversee the process. Such decisions are not made public. The trustee, Saleh A. Saad’s filing is among the first to be accepted under Saudi Arabia’s bankruptcy law, which came into effect last August and is part of the Saudi government’s efforts to make the Arab world’s largest economy more attractive to investors. Until last year the main options for debt defaults were liquidation or cash injections. The law provides more options and regulates procedures such as settlements and liquidation. Sanea, ranked by Forbes in as one of the world’s richest people, was detained in Khobar in for unpaid debts dating back to when Saad Group defaulted. In late a three-judge tribunal established to resolve Saad’s debt dispute appointed a consortium called Etqaan Alliance to liquidate assets owned by the billionaire by auctions in Saudi Arabia’s Eastern Province, Riyadh and Jeddah.
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Hi, I am moving in a few months to work in Al Khobar with my wife and 5 kids all under 11 years old where 4 of them in schooling age. I appreciate the valuable advises from those who have the experience in living in the eastern province especially in Al Khobar. Schooling is a big concern then the accommodation.
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Housed in a building dating from , this apartment is 15 miles from Al Khobar Corniche and 20 miles from Dhahran Expo. The air-conditioned apartment is composed of 1 separate bedroom, a living room, a fully equipped kitchenette with a microwave and fridge, and 1 bathroom. Saudi Arabia Hotels.
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Pick your preferred language. We speak English and 43 other languages. Check for travel restrictions. Travel might only be permitted for certain purposes, and touristic travel in particular may not be allowed. Read more. Each room at this hotel is air conditioned and is equipped with a flat-screen TV with satellite channels. Enjoy a cup of coffee or tea from your terrace or balcony.
Every room is equipped with a private bathroom equipped with a bath. For your comfort, you will find bathrobes and slippers. Upon arrival, I was welcomed and greeted in a very polite and friendly manner by the receptionist. His name is Amad. He send a fruits plate in our room as complimentary. He also upgraded my room to a Superior studio room in the same price because I had 2 small kids with me.
I felt very welcome and appreciated by his kindness and attitude.