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UAE tells banks to cut ties to Saad

Posted on 11 June 2009

From Tradearabia.com: Banks in the United Arab Emirates have been directed by the central bank to stop lending to troubled Saudi businesses Saad Group and Ahmad Hamad Al Gosaibi Group & Brothers (AHAB), bankers said on Wednesday.

The central bank issued a circular to banks on Tuesday not to open any new facilities with the named Saudi groups until further notice, bankers in Abu Dhabi said……..Full Article: Source

 
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