DAMMAM: Thousands of people attended the first day of an auction of vehicles owned by indebted Saudi Arabian tycoon Maan al-Sanea and his company, a sale which officials say will go towards repaying about 18 billion riyals ($4.8 billion) owed to creditors.

Authorities say the auction, the subject of huge interest in the Eastern Province where his business is based, reflects their focus on improving corporate governance and by extension Crown Prince Mohammed bin Salman’s commitment to economic reforms.

Creditors ranging from unpaid workers to local and international banks hope the process, which at a later stage will include sale of bigger assets such as property, will lead to repayment of at least part of their debt.

Published in Dawn, March 20th, 2018