An article dated 15 November 2010 posted on the website of international consultancy, Gerson Lehrman Group, claims that Ahmad Hamad Algosaibi & Brothers (AHAB) is under increasing pressure to strike a deal with banks.
The article by Dubai-based journalist and presenter of Business Breakfast on Dubai Eye 103.8 FM radio, Mark Townsend, states that AHAB has been told to decouple the ongoing legal proceedings and reach an immediate settlement with banks.
According to Townsend, AHAB's obvious preference for litigation outside the Kingdom has irked senior members of the Saudi establishment. The pressure to settle with banks is intense according to sources because of the impact the dispute is having on the Kingdom's political and business reputation.
Please click here to read Mark Townsend's full article.
A previous article by Mark Townsend (26 August 2010) on Gerson Lehrman Group's website, reported on the Ta'if Info Center, suggested that "now the dispute is back on home ground", Saudi Arabian royal family intervention was likely in the dispute between Saad Group and Ahmad Hamad Algosaibi Bros.
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