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The Abu Dhabi bourse set September 30th as the deadline for listed banks to detail their exposure to troubled Saudi conglomerates AH Algosaibi & Brothers and the Saad Group. The two groups are locked in legal battles with each other, putting in doubt the fate of reportedly US$20bn in debt owed to banks around the world.
Moody’s reckons that lenders in the UAE are on the hook for around US$1.5bn. Greater clarity on banks’ exposure is welcome (see full table in link below), given the murky prospects for recovery of these debts as courts in the US, Europe and the Cayman Islands work through a tangle of claims and counterclaims filed by the conglomerates.
Read more at Financial Services Briefing: “Estimating exposure” (September 30th)