JEDDAH: The editor in chief of a Middle East business magazine that has been criticized by a Saudi businessman for exaggerating the size of his wealth in an annual rich list has said those listed are generally unwilling to share information about their wealth and that this can lead to inaccuracies.

Arabian Business recently issued its “World’s 50 richest Arab businessmen & women” list in which Saudi businessman Nasser Al-Rashid was ranked five. Al-Rashid objected to his name being included in the ranking and issued a press release that was printed in a number of Saudi newspapers.

Reacting to this, Hassan Abdul Rahman, editor in chief of the Arabian Business magazine, said the main problem the list’s compilers face is a lack of cooperation and that Arab people are generally unwilling to share information about their wealth. He added that only 30 percent of people on the list were cooperative. “We contact the company or businessman. If they do not answer back or if we cannot get direct information from the company, then we take information that is available on the Internet or from previous business reports,” said Abdul Rahman.

“Our numbers are not specific and we don’t claim that. We expected some people to object to the list,” he said, adding that he believes the magazine is not in breach of any law.

“We get information that is available to the public. We are not humiliating these businessmen. On the contrary, we are giving them credit, it should not be considered tash’hir (publicizing),” he said.

Abdul Rahman said the press release will not affect the magazine’s efforts to publish similar lists in the future. “We want to initiate a new culture of transparency between the media and businessmen whereby we can stress that there is good business going on in the region despite the global economic crash,” he said.

Abdul Rahman also expressed interest in publishing a list of companies most affected by the economic crisis.

Salah Al-Hujailan, the lawyer representing Nasser Al-Rashid denied the magazine contacted his client or requested a clarification regarding his wealth.

He added that the aim of the press release is to correct what has been published in the magazine, which “could create legal and personal problems for him.”

According to the press release, the Arabian Business list exaggerates Al-Rashid’s wealth and that figures published are inaccurate and gleaned from the Internet.

Al-Hujailan said Al-Rashid wants his name removed from the list. “He believes he should not be in the list. He does not want such publicity for himself,” he said.

He added that his client is not the only person on the list to object. “There are three others who have expressed their astonishment and informally objected to it,” he said.

Al-Hujailan added that Al-Rashid will not take legal action against the magazine unless the magazine resorts to a struggle. “Al-Rashid’s reaction is linked to their reaction,” he said.

He added that lists such as this “are not really useful for issues that occupy people’s mind. People look for more fruitful news. The Arab world is full of miseries that are worth reporting.”

He added that lists such as these are meant to distract people’s attention away from real life issues. “What should be concentrated on is not the amount of wealth but how people earned that level of wealth,” he added.