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UAE banks have 'significant' exposure to troubled Saudi banks
- United Arab Emirates: Monday, June 29 - 2009 at 15:34
UAE banks have 'significant' exposure to Saudi Arabia's troubled Saad Group and Algosaibi conglomerates, the UAE central bank governor was quoted as saying today by Reuters. Sultan Bin Nasser Al Suweidi said the Saudi central bank could not keep its freeze on accounts linked to the two firms forever and that Gulf countries must work together to find a solution as they are all affected. 'It's a big issue everywhere. All GCC countries are exposed. (The UAE banks' exposure) is significant,' Al Suweidi said, without detailing how much debt local banks owed.
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