Arab business has its very own global scandal

The increasingly bitter row between the Al Gosaibi family of Saudi Arabia and their erstwhile business partner, Kuwaiti-born Maan al Sanea, is setting new standards for cross-border corporate intrigue. It is difficult to recall another Arab corporate scandal that has achieved such a level of global significance.

The Al Yamama defence contract scandal resonated around the world for years; the fall-out from Dubai World’s 2006 bid to buy the P&O ports business flared briefly from Los Angeles to Shanghai. But these events had geopolitical significance, and security implications, which meant they were bound to attract the attention of the politicians, and therefore the world’s serious business media.

Al Gosaibi versus al Sanea is the first purely business event to grab the world’s attention in such a way. With some US$22 billion (Dh80.8bn) of bank funding at risk, and assets ranging from Airbuses in the Cayman Islands to Coleraine in Northern Ireland (where Mr al Sanea funds some of the activities of the local university), the recriminations between the two sides have gone truly global.

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