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UAE's NBQ Bank has $12.5 Mln Exposure to Saudi Groups - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – UAE lender National Bank of Umm Al Qaiwain NBQ said on Thursday its net exposure to two debt-laden Saudi groups amounted to $12.5 million, and it had already taken more provisions than the central bank required.

The Abu Dhabi Securities Exchange (ADX) said on Wednesday it has directed banks to provide details of exposure and provisions taken to troubled Saudi groups Saad and Algosaibi.

NBQ said in a statement on the Abu Dhabi bourse website that it made provisions for about 60 percent of its exposure, which is above the UAE central bank requirement.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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