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  • 14-02-18

    UAE banks to recover funds from Saudi's Saad Group, AHAB

    (MENAFN) UAE-based banks were said to be anticipating funds recovery from Saudi Arabia's Saad Group, as well as Ahmad Hamad al-Gosaibi & Bros Co (AHAB).

    International and regional banks, along with other creditors have drowned in $22 billion debt in 2009 due to a financial crisis which both conglomerates defaulted.

    The process of seeking a solution has progressed considerably since 2016 when a tribunal to tackle financial claims against AHAB and Saad Group was created.

    The UAE Banks Federation's chief and Mashreq MASB.DU's chief executive Abdulaziz al-Ghurair assured "we are optimistic that we will get a resolution on this."

    MENAFN1402201800450000ID1096463908

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