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Thu 28 Feb 2019 09:04 AM

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1,100 people filed for bankruptcy in Saudi over 4 years

Around 68% of those who filed for bankruptcy are Saudi nationals, according to the Ministry of Justice

1,100 people filed for bankruptcy in Saudi over 4 years

As many as 1,100 people have filed for bankruptcy in Saudi Arabia over the past four years, according to the Ministry of Justice.

In 2019 alone, 17 entities have filed for bankruptcy, with the cases now under courts’ consideration.

Around 68% of those who filed for bankruptcy are Saudi nationals, while the rest were expats from Yemen, Ethiopia, Sri Lanka, India, Egypt, Pakistan, the Philippines, Sudan, Syria and Lebanon.

The courts mainly issued liquidation orders for cases related to real estate, with one order relating to the confiscation of a 4,500 square meters piece of land in south Jeddah, sources told the Saudi Gazette.

The bankruptcy requests were filed in a number of cities including Riyadh, Makkah, Jeddah, Madinah, Dammam, Jazan, Najran, Taif, Yanbu, Buraidah and others, the sources added.