Financial and Banking News


Two Saudi Workout Deals Progress

Progress is reported in workout deals between two major Saudi debtors and their respective creditors. The Jiddah-based Saudi Research and Development Corporation (Redec), controlled by the prominent Saudi entrepreneur Gaith Pharaon, which is rescheduling SRl,280mn ($341mn) worth of debt, has reached agreement with a majority of its bank creditors. By the end of last week, banks representing 81% of Redec's...