The veil of secrecy shrouding the scandal involving two financial titans — Saad Group and Ahmad Hamad Algosaibi & Brothers Company — has regional financiers fearing untold billions of dollars in further losses. Both conglomerates are owned and run by two families once considered among the wealthiest and most well respected, not just in Saudi Arabia, but the entire Middle East. The sole surviving son of the founder of the Algosaibi group, Sulaiman Algosaibi, was ranked number 368 by Forbes in 2008 on its list of world billionaires. The owner of Saad Group, Maan al-Sanea — of Kuwaiti origin — is married to one of Algosaibi’s daughters. Both companies could borrow hundreds of millions and even billions of dollars based on reputation alone. Currently, the details of cross-ownership between Algosaibi and Saad are unclear. So far, the only confirmed crossover that has emerged is the role of Money Exchange, a
