A private real estate company will start today the first auction to sell the assets of Saudi billionaire businessman, Maan Bin Abdul Wahid Al-Sanea and his company.

 

The auction will last for five days and includes over 900 trucks, vehicles and heavy machinery. Saudi and GCC investors expressed interest to buy into showcased items.

 

The Saudi businessman was detained last year after his company (Saad Trading Contracting & Financial Services Co.) failed to pay back debts dating back to 2009, and amounting to roughly SAR 11 billion.

 

Al-Sanea was ranked by Forbes as one of the richest 100 persons in the world in 2007.

 

The auction is organized in execution of a court ruling rendered to creditors in December 2017.

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