Financial Regulatory Forum

Saudi central bank says system safe from Saad, Algosaibi problems

Reuters Staff
Sep 1, 2009 15:45 UTC
algosaibi | Maan al-Sanea | Muhammad al-Jasser | saad group | saudi arabia | saudi arabian monetary agency

Muhammad al-Jasser, governor of the Saudi Arabian Monetary Agency (SAMA), gestures during a news conference in Riyadh September 1, 2009. Saudi Arabia's central bank sees no risk to the country's banking system from two troubled conglomerates but it has set up a panel to examine the two and take appropriate action, the bank's governor said on Tuesday. REUTERS/Fahad Shadeed (SAUDI ARABIA POLITICS BUSINESS) By Souhail Karam
RIYADH, Sept 1 (Reuters) – The head of the Saudi central bank said on Tuesday the financial troubles of two private conglomerates could hurt the profits of the banks involved but posed no systemic risk to the nation’s banking system.

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Cayman court freezes $9.2 bln of Saad assets

Reuters Staff
Jul 31, 2009 23:25 UTC
algosaibi | Banks | grand cayman | Maan al-Sanea | saad | Saad Investments Company Limited | united arab emirates

By Tom Freke and Souhail Karam

LONDON/RIYADH, July 31 (Reuters) – A Cayman Islands court has frozen $9.2 billion of assets belonging to Saad Group, the Saudi Arabian investment firm at the centre of a financial storm, including some of its equity stakes outside the Gulf.

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