Al Masri detained in Saudi Arabia
 
, Posted on 17-Dec-2017


Al Masri detained in Saudi Arabia

AmmanSabih al-Masri, Jordan’s most influential businessman and the chairman of its largest lender Arab Bank, was detained in Saudi Arabia for questioning after a business trip to Riyadh, family sources and friends said yesterday.

A Saudi citizen of Palestinian origin, Masri was detained last Tuesday hours before he was planning to leave after he chaired meetings of companies he owns, according to the sources.

He is the founder of Saudi Astra Group, which has wide interests in diversified industries ranging from agro-industry to telecommunications, construction and mining across the region.

“Masri was heading to the airport and they told him to stay where you are and they picked him up,” said a source familiar with the matter who asked not to be named.

He canceled a dinner in Amman on Wednesday that he had invited board members of Arab Bank and business associates to attend on his return.

Masri could not be reached for comment. The Saudi authorities did not respond to requests for comment.

“He has been answering questions about his business and partners,” said a source familiar with the matter who did not elaborate nor confirm he was held.

Masri, who comes from a prominent merchant family from Nablus in the Israeli-occupied West Bank, amassed a fortune from partnering with influential Saudis in a major catering business to supply troops during the U.S.-led military operation to retake Kuwait from Iraq in the 1991 Gulf War.

He was elected chairman of Arab Bank in 2012 after the resignation of Abdel Hamid Shoman whose family had founded the bank in Jerusalem in 1930.

The bank, which has earned a reputation of resilience in the face of political upheaval, played a prominent role in supporting former Palestinian leader, the late Yasser Arafat during past Middle East turmoil.

Arab Bank, which operates in 30 countries and five continents, has an extensive network in Palestinian territories where it is the largest bank. It also owns 40 percent of Saudi Arabia’s Arab National Bank ANB.

Masri led consortium of Arab and Jordanian investors who bought a 20 percent stake in Arab Bank Group from Lebanon’s Hariri family business empire for $1.12 billion last February.

He was also instrumental in agreeing in 2015 to settle litigation brought by hundreds of Americans who accused Arab Bank of providing financial services in the West Bank that facilitated militant attacks in Israel.

Masri is also the leading investor in the Palestinian territories with a large stake in Paltel, a public shareholding company, which is the largest private sector firm in the West Bank.

Masri’s family ranks among the wealthiest in the Palestinian territories, with majority holdings in real estate, hotels and telecommunications firms set up after a self-rule agreement with Israel in 1993.

Reuters


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