Saad Group reaches deal with Saudi creditors

The governor of Saudi Arabia’s central bank confirmed on Monday that Saad Group, the troubled conglomerate owned by billionaire Maan al Sanea, had reached an agreement to settle debts with Saudi creditors.

“This is an agreement between the creditors and the borrower, and my understanding is they have agreed to settle,” Muhammad al-Jasser, governor of the Saudi Arabian Monetary Agency, told reporters.

Saad Group and another prominent Saudi company facing financial difficulties, Ahmad Hamad Algosaibi and Brothers (AHAB), are estimated to owe dozens of regional and international banks about $20bn.