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...