Two central bank governors from the Gulf have admitted that exposure to Saad Group and Ahmad Hamad al-Gosaibi & Brothers Co (AHAB) in their countries is more severe than previously thought, reports Reuters.

Both Hamood Sangour al-Zadjali, the executive president of the Central Bank of Oman and Sultan Nasser al-Suweidi, the UAE central bank governor, have noted that their respective markets have suffered as a result of the companies; however, they were unable to state how deeply they have been affected.

“It (Bank Muscat) could be one of the least exposed banks in the region,” Central Bank of Oman Executive President Hamood Sangour al-Zadjali told reporters in Abu Dhabi. “Maybe there are many banks in the Gulf countries and Saudi Arabia in particular that have great exposure.”

Analysts expect other banks in the region to show signs of struggle due to Saad’s and AHAB’s financial woes.