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Exposed, and it hurts
Thirteen UAE banks, and seven foreign branches in the Emirates have a combined exposure of $2.9 billion to the Saad and Algosaibi groups, the Central Bank said on Wednesday. The bank insists everything is going to be ok. Is it?
November 19, 2009 4:19 by Dana El Baltaji
“Liquidity is still short. Its AED30-40 billion short. (This is) the difference between advances and deposits. Straight math,” Nelson said in October.
And unfortunately, they’re unlikely to get their money back anytime soon. Earlier this month, AHAB offered creditors 8.6 cents on the dollar to settle its debts, Zawya Dow Jones reported on Wednesday. In other words, AHAB offered to pay SR3 billion ($800 million) of the SR26.3 billion ($7.01 billion) it owes.
“Banks find this ridiculous,” said a UAE banker. Of course they do.
However, there has been positive news for one UAE bank. Last week, the Summary Proceedings Court in Abu Dhabi ordered banks in the UAE to freeze all assets owned by Saad Group and its partners in favor of Abu Dhabi Commercial Bank (ADCB). It was a significant win for ADCB, which is owed $609 million.
Kipp suspects the verdict has bankers in the UAE salivating for more assets.
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