Al Gosaibi fighting is far from over

There has been a recent lull in hostilities in the war being fought out in Saudi Arabia between the Al Gosaibi business dynasty and its former partner Maan al Sanea, whose Saad Group is alleged to have defrauded Al Gosaibi of US$9.2 billion (Dh33.8bn). But the Ramadan-inspired cessation should not be mistaken for a truce, let alone an armistice, in the bitter struggle being waged both inside the kingdom and in the global financial theatre.

A quick review of the strategic situation: Al Gosaibi’s business empire has been laid low by what the family claims is a systematic, decade-long campaign of fraud and thievery by the Kuwait-born businessman. Mr al Sanea denies those allegations vehemently, but, in a series of surgical strikes by lawyers in New York, London and the Cayman Islands, has seen the assets of his Saad group frozen across the world.

The struggle between these giants of the Saudi business scene is a straightforward bid by the Al Gosaibis to get their money back, but is also a battle for the hearts and minds of the kingdom’s ruling elite, who will ultimately determine the fate of the warring parties.