08.06.2009 - Gulf family companies begin to suffer the economic downturn
From Menareport.com: The current global economic meltdown is taking a heavy toll on Saudi billionaire Maan Al-Senea. The Saudi Arabian Central Bank froze the accounts of Al-Senea, owner of the Saad Group, and his family members recently without warning. According to the bank, the reason for freezing their accounts is confidential. Al-Senea announced that the Saad group was searching for ways to restructure the outstanding debts of its real estate, banking, and health care companies.......Full Article: Source