Maan Al-Sanea, News, Pictures, Buzz

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Maan Al-Sanea
  Five talking points from the week in UAE
The NationalFive talking points from the week in UAE businessThe NationalOn Wednesday the Dubai-listed builder confirmed it is in talks with lenders to finance the first phase of its US$40 billion project in Egypt to ultimately build 1 million affordable homes. The news that it is talking to banks signals that it is close ...
Posted on 23 April 2015 | 4:25 am
  Akers and Ors v Samba Financial Group -
Cayman CompassAkers and Ors v Samba Financial GroupCayman CompassA Court of Appeal decision in England, Akers & Ors v Samba Financial Group [2014] EWCA Civ 1516 (14 December 2014), is the most recent episode to reach the courts in the long-running saga involving Saudi Arabian national Maan Al-Sanea and Cayman ...
Posted on 22 April 2015 | 6:04 am
  Al Gosaibis make offer to end long legal
BloombergAl Gosaibis make offer to end long legal battleThe NationalThe Al Gosaibi family of Saudi Arabia has offered a peace deal to Maan Al Sanea, their bitter enemy for the past six years, if negotiations can be entered to end the Middle East's longest running corporate “frozen conflict”. “I'd be happy to negotiate ...AHAB set to offer revised debt proposal to creditorsGulf Daily NewsSaudi Family Agrees Terms After Biggest Mideast DefaultBloombergall 23 news articles »
Posted on 21 April 2015 | 10:29 am
  The Kings of the Desert - The New Yorker
The New YorkerThe Kings of the DesertThe New YorkerAfter several years, he developed a relationship with Maan al-Sanea, a son-in-law of the Gosaibis, who was one of the more dynamic executives in the family business. According to Brooks Wrampelmeier, a retired U.S. diplomat who served as consul-general ...The American banker at the heart of the Middle East's biggest financial ...Businessinsider Indiaall 4 news articles »
Posted on 5 April 2015 | 9:31 pm
  A Saudi saga - The Economist
The EconomistA Saudi sagaThe EconomistAs the business grew, so did the number of family members with a stake. One of them, the daughter of one of the founders, married Maan al-Sanea, a Saudi billionaire of Kuwaiti origin. Mr Sanea is head of the Saad Group, a prominent investment company.
Posted on 19 March 2015 | 2:41 pm
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Maan Al-Sanea
  The American banker at the heart of the
American banker Glenn Stewart worked as "chief...
Posted on 6 April 2015 | 12:18 pm
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Maan Al-Sanea
  Al Gosaibi family strikes initial deal with
In May 2009 Ahab defaulted on its debts, sparking the marathon battle with creditors. The Al Gosaibis blamed Maan Al Sanea, a financier who married into their family, and accused him of theft, fraud and forgery, sparking legal actions across three continents.
Posted on 22 April 2015 | 10:21 am
  Saudi family agrees terms after biggest
Algosaibi and billionaire Maan al-Sanea’s Saad Group defaulted on at least $15.7 billion as the global economic crisis froze credit markets and asset prices slumped. The two family holding companies, related by marital ties, have been locked in legal ...
Posted on 22 April 2015 | 7:13 am
  Akers and Ors v Samba Financial Group
A Court of Appeal decision in England, Akers & Ors v Samba Financial Group [2014] EWCA Civ 1516 (14 December 2014), is the most recent episode to reach the courts in the long-running saga involving Saudi Arabian national Maan Al-Sanea and Cayman Islands ...
Posted on 21 April 2015 | 11:04 pm
  AHAB set to offer revised debt proposal to
The family conglomerate collapsed in 2009 along with Saad Group, a separate Saudi business empire led by Maan Al Sanea. Since then, the two have been battling over who was to blame for the issues which affected their respective conglomerates. AHAB has ...
Posted on 21 April 2015 | 12:30 pm
  Saudi's Algosaibi to put new debt proposal
The family conglomerate collapsed in 2009 along with Saad Group, a separate Saudi business empire led by Maan al-Sanea, since when the two have been battling over who was to blame for the issues which affected their respective conglomerates. AHAB has ...
Posted on 21 April 2015 | 3:34 am
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Maan Al-Sanea
  soutalhouria: A MUST READ on some of the
soutalhouria: A MUST READ & some of the background to the Maan Al-Sanea/#Gosaibi dispute http://t.co/gQ7BMY5k5D
Posted on 26 April 2015 | 11:46 am
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Maan Al-Sanea
  Resolved Question: When people talk about
Such as when someone has things to say of that Pakistani, that indian, that chinese etc etc.. im kinda getting fed up with it all. Is this racism? I know many people from different cultures such as arabs, americans, british that commit fraud, who cheat etc etc.... so please think of the context before you submit a question, think of the bigger picture. @Mahesh N - Well said i like your elaboration, and its all true well said again and thank you @H - No H you got me wrong, it was a general question, nothing to do with what you said at all. Like everyone else i have my free will to ask question. @H - Ans yes to the point westerners cheat their own kind even in there own countries, it happens but people dont see maybe they dont want to and turn a blind eye. I agree asians are cheaters but not as bad as Americans, british who have cheated muslims all over the globe, and also westerns cheated there own fellow men out of money etc etc... @Anna - Thank you for your kind words, and your input @H - I can ask what i want here, like other people, whats accomodation go to do with it, i know you are a clever and smart girl you dont have to tell me, many questions get posted in the UAE section including mine, i have every right to post what i want. If you have and mahesh have any friction please sort it out your selfes, i like what he said with out offending others, i dont think he was being racist he was just clarifying the facts which he strongly believes in. We all share our views and opinions here and its not racism, I know H you are not racist but niether am i, I dont know about others. Have you ever notices some of the replies i get H there personal and offensive but i brush it to one side. H as i said before your a good person, keep it up :)) i have nothing against you.
Posted on 18 February 2010 | 1:21 am
  Resolved Question: The National publishes a
The media is biased. Rather than talk about Indians running away with their money, they talk about Dubai world and Maan al Sanea. I thought the National was not a tabloid like the gulf news. http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100208/BUSINESS/702089894/1040
Posted on 8 February 2010 | 9:10 pm
  Resolved Question: 4 years delay and not
If any one of us delay making a payment that is due to a developer / financial institution, we would have the cops hunting for us. When Nakheel or Maan al Sanea (Saad Group) use OPM (other people's monies) and get away for years at length, we are simply left helpless. The moral of the story is if you wish to default - make sure that you are really big. If you owe the bank 50K, you're screwed, if you owe the bank 50 Million, the bank is screwed.
Posted on 14 November 2009 | 10:34 pm
  Resolved Question: It is a slow news day so
the UAE's and Saudi's ability to buy our bonds in the near future? http://www.bloomberg.com/apps/news?pid=20601109&sid=aFIHYzyZB0gA ‘Never Go Bust’ Families Mean End of Easy Credit (Update2) Sept. 17 (Bloomberg) -- Maan al-Sanea, one of Saudi Arabia’s richest men, operates his corporate empire barricaded behind a four-foot high concrete wall, painted in bright red stripes. A second, higher wall is topped with barbed wire, a reminder of the terrorist attack on his company’s nearby residential compound five years ago that killed 22 people. Now al-Sanea is under a different kind of siege, this time from the family he married into and helped make him wealthy. In a region where business disputes are routinely settled in private, the family feud between the two most prominent names in the Saudi oil city of Al-Khobar -- Algosaibi and al-Sanea -- has erupted into public and curbed lending across the Gulf. Eighty banks, including BNP Paribas SA and Citigroup Inc., are owed at least $15.7 billion, sparking a flurry of litigation. The battle has increased pressure for more transparency among the region’s family-run firms and less reliance on name lending, or borrowing based on reputation. “With Maan al-Sanea or the Algosaibi family, the perception was that they would never go bust or never default,” Yazan Abdeen, a Dubai fund manager at ING Investment Management, said. “Facts are showing that this can happen. The banks in Saudi, Kuwait and the United Arab Emirates will get a hit, and this will make the banks alter their own lending models. It’s like a ‘black swan’ event, something no one saw coming.” Al-Khobar, an oil-rich seaside city in the Persian Gulf, 250 miles east of Riyadh, is the center of a legal and financial struggle that has seen some of the Algosaibis accuse al-Sanea, ranked 62nd on this year’s Forbes magazine list of richest people, in court filings of siphoning off $10 billion in assets while he was running a money-management business for them. Accounts Frozen The Saudi Arabian central bank ordered a freeze of al- Sanea’s accounts, bankers familiar with the instructions said on May 31. The Algosaibis then used a Cayman Islands court order to try to freeze $9.2 billion of his assets, court documents show. “All of the allegations made are wholly without foundation,” al-Sanea’s company, Saad Group, said yesterday in an e-mailed statement. “While maintaining an absolute focus on its own restructuring, the Saad Group will respond appropriately and in a timely fashion to the erroneous claims made against it. However, this will be through a proper judicial process and not through the media.” The Algosaibis declined to comment for this story, James Courtovich, a Washington-based spokesman for the family, said. read the rest--- http://www.bloomberg.com/apps/news?pid=20601109&sid=aFIHYzyZB0gA
Posted on 17 September 2009 | 9:50 pm
  Resolved Question: Maan Al Sanea full birth
Posted on 15 July 2009 | 4:37 am
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