Khater Massaad at one point ran the sovereign wealth fund of the small Emirati sheikhdom of Ras al-Khaimah and had ties to the man who is now the emirate's ruler. He also helped set up a major ceramics business in the northern sheikhdom.
Ras al-Khaimah last month accused him of stealing while heading the fund. A report carried on Emirati state media alleged he fled the country after questions about his business activities arose in 2012.
Massaad holds Swiss citizenship and has business interests in several countries, including Lebanon and Saudi Arabia. He strongly denies the charges against him.
His statement alleges the legal action is part of a long-running dispute with the emirate linked to his compensation while working there. He alleges the arrest warrant is based on a Ras al-Khaimah court decision that is "unsupported by any true evidence" and which was made before he was notified of the investigation.
It said it will work with Saudi authorities to ensure he is returned to the Emirates to stand trial.