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UAE banks: $2.9bln exposure to Saad, Algosaibi

Posted on 19 November 2009

From Gulfnews.com: The UAE Central Bank said yesterday that banks operating in the country have a combined exposure of $2.9 billion (Dh10.7 billion) to Saudi Arabia’s troubled business groups — Saad and Algosaibi — and ordered the banks exposed to take specific provisions for bad loans.

“The number of lending banks to the two groups and their related banks is 20 banks, 13 national banks and 7 foreign bank branches operating in the UAE. Their funded and unfunded exposures amount to $2.9 billion,” the bank said in a statement…………Full Article: Source

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