The embattled al Gosaibi family of Saudi Arabia has sought the help of the UAE Central Bank to broker a deal with lenders in the Emirates over the estimated US$3 billion (Dh11.01bn) of debt they are owed as a result of one of the Middle East’s biggest financial scandals.
A meeting between family representatives and Central Bank officials took place last week as part of the Saudi family’s plans for a “global” settlement of their debt problems, and was described as “very useful”, according to a source familiar with the discussions.
The move by the al Gosaibis represents an easing in the problems caused by their bitter dispute with Maan al Sanea, the billionaire head of Saad Group accused of defrauding them.
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