Billionaire Sabih al-Masri detained in Saudi Arabia

Billionaire Sabih al-Masri detained in Saudi Arabia

RIYADH: Palestinian billionaire businessman Sabih al-Masri has been detained in Saudi Arabia on a business trip to Riyadh, his family confirmed to Reuters news agency.
The 80-year-old founder of Zara Investment Holding and chairman of Arab Bank was held in the Saudi capital for questioning last week about “information related to corruption”, according to Rai al-Youm.
The Arab news website reported on Saturday that no formal charges were made against al-Masri, who reportedly also holds Saudi and Jordanian citizenship.
Al-Masri, one of Jordan’s most prominent businessman, is the cousin of the billionaire Munib al-Masri, the wealthiest person in Palestine.
He also founded the Palestine Securities Exchange, and has managed investment companies and financial economic institutions across the Middle East and beyond, including Arab Bank.
Headquartered in Amman, Arab Bank is Jordan’s largest lender and functions as a major economic engine throughout the Middle East and North Africa.
Masri’s detention sent shockwaves across Jordan where Masri’s multibillion-dollar investments are a cornerstone of the economy and employ thousands.

 

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