Financial and Banking News


Another Saudi Corporate Tries Rescheduling 

Saudi Research and Development Corporation (Redec), which is owned by Pharaon family interests and is reputed to be one of the biggest companies in Saudi Arabia, last week met with its principal creditor banks to discuss the rescheduling of bank debt worth $300-350mn. Among the lead banks are the National Bank of Georgia (itself owned by Mr. Gaith R. Pharaon, Redec's principal shareholder),...