Middle East Economic Survey
VOL. LIV
No 1-2
3/10-Jan-2011
UAE
UAE Central Bank Tells Lenders To Hike Algosaibi, Saad Provisioning
The UAE Central Bank has sent a circular to lenders asking them to hike their provisions against exposure to two family-owned Saudi Arabian conglomerates Saad Group and Ahmad Hamad Algosaibi & Brothers (AHAB) to 80%, according to local newspaper reports. The bank regulator had said in December that the provisions should be in place by the end of 2010, and...
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