Emirates NBD was confined to a facility for Saad Group alone, for $100m.
First Gulf Bank (FGB) is also understood to have participated in the funding of both groups to the extent of $25m for Saad and $30m for Algosaibi.
National Bank of Abu Dhabi has advanced only $7m to the Saad Group through a syndicated facility.
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UAE banks' Saudi exposure tops $3bn
- United Arab Emirates: Thursday, July 02 - 2009 at 10:05
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UAE banks have exposure of more than $3bn through syndicated and bilateral transactions to Saudi groups, Saad and Algosaibi, and their banking outfits, according to Emirates Business. Sources said while Abu Dhabi Commercial Bank (ADCB) has $395m in its deal with Saad Group, it has $40m outstanding with Algosaibi Group. For Mashreq, these numbers add up to $160m and $50m, respectively.
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StaffThursday, July 02 - 2009 at 10:05 UAE local time (GMT+4)
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