Financial and Banking News


Redec Rescheduling Negotiations Begin 

The Saudi Research and Development Corporation (Redec), which is owned by Pharaon family interests and has been maneuvering with its creditor banks since February (MEES 17 February), has agreed to begin formal rescheduling negotiations on $243mn of bank debts and $110mn of guarantees and other liabilities with a group of more than 50 international banks. The banks have elected a committee to represent...