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As markets absorb the implications of Dubai’s debt troubles, analysts have produced a wide range of estimates on banks’ exposure to the emirate. Although few of these figures are based on information provided by the banks themselves, it would appear that western lenders’ exposure to troubled conglomerate Dubai World is not material.
It is probably a different story for local banks, although a newly unveiled support facility from the UAE’s central bank will lessen the impact. What’s for certain is that damage done to investor sentiment in the region will take a long time to recover.
Read more at Financial Services Briefing: “On the hook” (November 30th)