He founded and chairs the Saad Group, which has diversified interests including banking, construction, healthcare and education.

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In another Bloomberg report, Omar Saad, an analyst at ISI Group, said Penney should take its 300 top stores and spin them off into an REIT.

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Since then, Lebanon's two most prominent political blocs have been sharply divided in their attitude toward Syria: the ruling pro-Syria alliance led by Mikati and a group of anti-Syrian factions led by Saad Hariri, son of the assassinated former prime minister.

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