The brochure does not include valuations, but the sources said the real estate was valued at around SAR4.4bn, based on an official list of real estate provided to authorities.A source at the Ministry of Justice confirmed to an auction would be launched this month to sell vehicles, equipment, a large quantity of building materials and some property before the Islamic fasting month of Ramadan, which starts in May.According to the sources who have seen the official list provided to authorities, Saad owns an estimated SAR3.5bn of real estate, while al-Sanea personally owns an estimated SAR6.8bns. was unable to verify whether all of that real estate will be auctioned by Etqaan or the number of vehicles that will be sold.Saad owns 923 vehicles, including trucks, buses and cars, according to the sources who had seen the list provided to authorities, while al-Sanea has 26 vehicles, including a Rolls Royce, a Hummer, and Cadillac Concord.It hired a financial consultancy, Reemas Group, to offer a proposed settlement covering bn in debt.Reemas did not immediately respond to a request for comment. You can post your profile, use advanced search, send and receive messages absolutely free. Saudi authorities are preparing to auction billions of dollars of real estate and cars belonging to billionaire Maan al-Sanea and his company as they look to hasten an end to one of the kingdom’s longest-running debt disputes.
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The planned sale is the latest signal that Saudi Arabia is serious about holding its elites to account.
In an anti-corruption crackdown last November, authorities detained scores of senior officials on charges of alleged graft.
Most have been released after being exonerated or agreeing to give the state money, assets or real estate.
as one of the world’s 100 richest people -– was detained by authorities late last year for unpaid debt dating back to 2009 when his company, Saad Group, defaulted on debts.