With thousands of buyers crowding the streets, a consortium of companies including two real estate firms, accountants and lawyers launched the first phase this week of auctions of Maan Al-Sanea's assets, offering for sale about 900 vehicles including trucks, buses, excavators, forklifts and golf course carts owned by the Khobar-based Saad Group.

Abdulaziz Al-Rasheed, head of the consortium, said. Later stages of the process will include other parts of his business empire and personal wealth, including real estate as well as equipment, ceramics and furniture at auctions in the Eastern Province, Riyadh, Jeddah and Yanbu. Officials say the proceeds of the sale will be used to pay off about 18 billion riyals ($4.8 billion) in outstanding debts.

Rashid, the head of the consortium, said the message was that the sale would be used to pay off the outstanding debts of about $18 billion. Al-Rasheed explained that the message is now clear to the enforcement court and the conglomerate (Itqan Alliance) as well as the complete seriousness in liquidating the debt, and he expected that during this year there will be a liquidation of all real estate and assets belonging to Saad and businessman Maan Al-Sanea, noting that there are other claims for debts worth 30 billion riyals that have not yet been decided by the court.

Rasheed explained that the message is now clear for the enforcement court and for the conglomerate (Itqan Alliance) as well.