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Saudi Arabia: Billions at Risk with Potential Saudi Defaults

  •   Sat, Jul 18 2009 10:11:33 AM

Tajikistan News.Net

Riyadh, Jul 18: Financially stressed Saudi Arabian firms are facing defeaults which could rock banks in the Gulf.

Ahmad Hamad Algosaibi and Bros Group (AHAB) and Saad Group owe banks in Gulf countries, particularly in Saudi Arabia, "many billions of dollars."

The UAE Central Bank met with Abu Dhabi and Dubai-based banks this week to assess the impact of a potential failure of the Saudi groups on UAE banks.

HSBC says Saudi banks alone are facing potential losses of between $4 billion and $7 billion.
  

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