Putting property and property at auction for a detained Saudi billionair

Saudi authorities are preparing to put billions of dollars worth of real estate and cars at auction for a detained billionaire since the start of the kingdom's crackdown last November. 

According to the agency " Reuters " news agency, on Monday, the Saudi authorities are preparing to launch cars and real estate worth billions of dollars, owned by billionaire Maan manufacturer and his company, at an auction, while looking to put a swift end to one of the longest debt disputes in the Kingdom.

The agency quoted several well-informed sources as saying that the Itqan conglomerate, a consortium appointed by the Saudi authorities to liquidate assets owned by the company and the company in an effort to pay creditors' rights, plans to start selling the company's assets in the kingdom. The sources said the sale will take place in the coming weeks in Al- Of the kingdom, stressing that the case of the manufacturer is separate from the main campaign initiated by the Kingdom against corruption. 

The blockbuster produced a short video on YouTube saying it was "the sale everyone is waiting for in the news," and offered some real estate and land to be sold.

An accompanying prospectus includes a list of twenty plots of land owned by Saad Trading Co. and Al-Sanea. Most properties are located in Al Khobar. In addition to a 484,407-square-meter plot of land that includes buildings and a sewage treatment plant. The bulletin does not include assessments, but the sources say the properties were valued at around 4.4 billion riyals based on an official list of properties submitted to the authorities. 

A source at the Ministry of Justice confirmed that this month's auction of cars, equipment and large quantities of building materials and some properties before the month of Ramadan, which begins in May next, asserting that Saad Group owns real estate valued at 3.5 billion riyals, While the manufacturer personally owns property worth 6.8 billion riyals, according to estimates. Most of these properties are located in Riyadh, Dammam and Khobar.

He added that the Saad Group owns 923 vehicles, including trucks, buses and cars, while the manufacturer has 26 cars, including Rolls Royce, Hummer and Cadillac Concorde, asserting that the sale does not include Saad Hospital in Khobar, which includes 750 beds, which is the government talks With private companies for management, and also does not include the sale of foreign assets owned by the manufacturer or Saad Group. 

The case of the manufacturer, which has been classified by " Forbes ", in 2007, among the richest hundred people in the world, separate from the main campaign against graft, and detained by the authorities last year , the billionaire because of non - payment of debt dating back to 2009 , when lagged "Saad Group" for repayment .