DUBAI: Lawyers, accountants and other professional advisers stand to make up to $1 billion in fees as a result of the collapse of the Saudi Arabia-based Al-Gosaibi business empire in 2009, one of the senior executives at the heart of the affair has told Arab News.
The 70-year-old Al-Gosaibi conglomerate collapsed in 2009 with billions of dollars of debt amid a raft of allegations of fraud, theft and forgery, leading to eight years of legal and financial actions in the Middle East, London, New York and the Cayman Islands. It was one of the biggest corporate failures to ever hit Saudi Arabia.
In an exclusive interview, Simon Charlton, acting chief executive of the Al-Gosaibi family partnership that is trying to finalize a settlement deal with family creditors, said: “It’s about time this ended. The professional fees have run into the hundreds of millions of dollars for the whole affair, the whole process of litigation and liquidation. I wouldn’t be surprised if the total fees come to more than $500 million, even as much as $1 billion by the end of it.”
The Al-Gosaibis blamed the collapse on Maan Al-Sanea, a financial entrepreneur who married into the family. They accused him of siphoning off billions of dollars in loans arranged on forged documents.
Al-Sanea has consistently denied these allegations and fought legal actions around the world to defend himself. His representatives did not respond to requests for comment on the matter.
The collapses in 2009 — of the Al-Gosaibi family businesses and the Saad Group owned by Al-Sanea — put at risk an estimated $20 billion in loans that they could not repay.
Both sides hired armies of lawyers, accountants, liquidation experts, lobbyists and media advisers. There is still ongoing litigation in the Cayman Islands, where the biggest trial in the history of the Caribbean tax haven is expected to decide soon on the ownership of about $1 billion of disputed assets.
There are also ongoing legal actions in Saudi Arabia, and more expensive professional advisers could be hired. A special judicial tribunal in Alkhobar, appointed to enforce a settlement in the dispute, recently took out a newspaper advertisement seeking lawyers, accountants and sales agents with regard to enforcement procedures against the assets of Al-Sanea and Saad Group.
The Al-Gosaibi conglomerate has been trying to reach a settlement with its creditors for years. Recently it announced it has got the agreement of a majority of banks and other creditors for a settlement that would return them a guaranteed minimum of 25 cents for each dollar owed, rising to about 50 cents depending on the result of legal actions.
Fees over collapse of Al-Gosaibi Saudi business empire ‘could hit $1 billion’
Fees over collapse of Al-Gosaibi Saudi business empire ‘could hit $1 billion’
How AI and financial literacy are redefining the Saudi workforce
- Preparing people capable of navigating money and machines with confidence
ALKHOBAR: Saudi Arabia’s workforce is entering a transformative phase where digital fluency meets financial empowerment.
As Vision 2030 drives economic diversification, experts emphasize that the Kingdom’s most valuable asset is not just technology—but people capable of navigating both money and machines with confidence.
For Shereen Tawfiq, co-founder and CEO of Balinca, financial literacy is far from a soft skill. It is a cornerstone of national growth. Her company trains individuals and organizations through gamified simulations that teach financial logic, risk assessment, and strategic decision-making—skills she calls “the true language of empowerment.”
“Our projection builds on the untapped potential of Saudi women as entrepreneurs and investors,” she said. “If even 10–15 percent of women-led SMEs evolve into growth ventures over the next five years, this could inject $50–$70 billion into GDP through new job creation, capital flows, and innovation.”
Tawfiq, one of the first Saudi women to work in banking and later an adviser to the Ministry of Economy and Planning on private sector development, helped design early frameworks for the Kingdom’s venture-capital ecosystem—a transformation she describes as “a national case study in ambition.”
“Back in 2015, I proposed a 15-year roadmap to build the PE and VC market,” she recalled. “The minister told me, ‘you’re not ambitious enough, make it happen in five.’” Within years, Saudi Arabia had a thriving investment ecosystem supporting startups and non-oil growth.
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At Balinca, Tawfiq replaces theory with immersion. Participants make business decisions in interactive simulations and immediately see their financial impact.
“Balinca teaches finance by hacking the brain, not just feeding information,” she said. “Our simulations create what we call a ‘business gut feeling’—an intuitive grasp of finance that traditional training or even AI platforms can’t replicate.”
While AI can personalize lessons, she believes behavioral learning still requires human experience.
“AI can democratize access,” she said, “but judgment, ethics, and financial reasoning still depend on people. We train learners to use AI as a co-pilot, not a crutch.”
Her work aligns with a broader national agenda. The Financial Sector Development Program and Al Tamayyuz Academy are part of Vision 2030’s effort to elevate financial acumen across industries. “In Saudi Arabia, financial literacy is a national project,” she said. “When every sector thinks like a business, the nation gains stability.”
Jonathan Holmes, managing director for Korn Ferry Middle East, sees Saudi Arabia’s digital transformation producing a new generation of leaders—agile, data-literate, and unafraid of disruption.
“What we’re seeing in the Saudi market is that AI is tied directly to the nation’s economic growth story,” Holmes told Arab News. “Unlike in many Western markets where AI is viewed as a threat, here it’s seen as a catalyst for progress.”
Holmes noted that Vision 2030 and the national AI strategy are producing “younger, more dynamic, and more tech-fluent” executives who lead with speed and adaptability. Korn Ferry’s CEO Tracker Report highlighted a notable rise in first-time CEO appointments in Saudi Arabia’s listed firms, signaling deliberate generational renewal.
Korn Ferry research identifies six traits for AI-ready leadership: sustaining vision, decisive action, scaling for impact, continuous learning, addressing fear, and pushing beyond early success.
“Leading in an AI-driven world is ultimately about leading people,” Holmes said. “The most effective leaders create clarity amid ambiguity and show that AI’s true power lies in partnership, not replacement.”
He believes Saudi Arabia’s young workforce is uniquely positioned to model that balance. “The organizations that succeed are those that anchor AI initiatives to business outcomes, invest in upskiling, and move quickly from pilots to enterprise-wide adoption,” he added.
DID YOU KNOW?
• Saudi women-led SMEs could add $50–$70 billion to GDP over five years if 10–15% evolve into growth ventures.
• AI in Saudi Arabia is seen as a catalyst for progress, unlike in many Western markets where it is often viewed as a threat.
• Saudi Arabia is adopting skills-based models, matching employees to projects rather than fixed roles, making flexibility the new currency of success.
The convergence of Tawfiq’s financial empowerment approach and Holmes’s AI leadership vision points to one central truth: the Kingdom’s greatest strategic advantage lies in human capital that can think analytically and act ethically.
“Financial literacy builds confidence and credibility,” Tawfiq said. “It transforms participants from operators into leaders.” Holmes echoes this sentiment: “Technical skills matter, but the ability to learn, unlearn, and scale impact is what defines true readiness.”
As organizations adopt skills-based models that match employees to projects rather than fixed job titles, flexibility is becoming the new currency of success. Saudi Arabia’s workforce revolution is as much cultural as it is technological, proving that progress moves fastest when inclusion and innovation advance together.
Holmes sees this as the Kingdom’s defining opportunity. “Saudi Arabia can lead global workforce transformation by showing how technology and people thrive together,” he said.
Tawfiq applies the same principle to finance. “Financial confidence grows from dialogue,” she said. “The more women talk about money, valuations, and investment, the more they’ll see themselves as decision-makers shaping the economy.”
Together, their visions outline a future where leaders are inclusive, data-literate, and AI-confident—a model that may soon define the global standard for workforce transformation under Vision 2030.
