When a Billionaire Turns into a Tractor Salesman
What a spectacle it was on March 20: Hundreds of thousands of Saudis flocked to the dusty auction site in Khobar, turning the first day of the sale into a real-life camel market‑turned-vehicle bazaar. The cause? Maan al‑Sanea’s wrecked empire – the Saudis’ own version of a shattered Monopoly board.
Why it matters more than a road trip
The auction isn’t just a pop‑up sale; it’s part of a grand plan to repay roughly 18 billion riyals (about S$6.3 billion) owed to a mix of workers, banks, and vendors. The move demonstrates the Crown Prince’s crack‑down on corporate mismanagement, letting the government show that they’re serious about turning the country into a financial fortress.
Key players in this drama
- Saad Group – the infamous company that slipped into a Saudi financial abyss back in 2009.
- Etqaan Alliance – a coalition of real‑estate firms, accountants, and lawyers tasked with liquidating the billionaire’s assets.
- Abdulaziz al‑Rashid – the mastermind behind the auction, promising to finish the cleanup by the end of the year.
Building the buzz
Over the past weeks, Etqaan launched a slick media campaign that flooded the streets: TV spots, online ads, even billboards. People queued up like it was the Hajj of second‑hand trucks. “Can you believe this guy was once a billionaire and now he’s down at the dirt barter market?” one buyer named Nasser remarked, while buying a forklift.
The first card dealt
About 900 vehicles—trucks, buses, diggers, forklifts, even golf carts—went under the hammer this week. That’s just the tip of the iceberg; later rounds will include property (worth an estimated 10.3 billion riyals), machinery, ceramics, and furniture across the Eastern Province, Riyadh, Jeddah, and Yanbu.
How the money will be split
- Priority to unpaid workers—some have been waiting over a year for their wages.
- Next up: vendors and contractors.
- Finally, banks on a longer horizon.
That first auction phase should cover roughly 10–15 % of the court’s recognized 18 billion riyals. The rest—an additional 30 billion riyals—still sits in the legal pipeline awaiting resolution.
What’s happening behind the curtains
In December, some Saad Group advisers tried to nail a deal with bank creditors in Dubai for 16 billion riyals in hopes of settling debts before the chaos of the auction. But the legal process remains on track, unaffected by any potential settlement.
Final thought
So there you have it: the collapse of a billionaire empire played out in the streets of Khobar, a testament to Saudi Arabia’s determination to clean up its corporate garden—one vehicle at a time. The auction is the drama’s opening act, and we’re all eager to see the next episode unfold.
