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Sabre signs accord with Saad TransportBahrain-headquartered Sabre Travel Network Middle East has signed an exclusive agreement with Saad Transport, a top agency in Lebanon and Saudi Arabia, to provide hitech travel technology products for its corporate accounts. As pe More… |
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UK court orders Saad to pay ADCB $33.1mA British court has ordered a division of Saudi-based Saad Group, to pay a fine of $33.1 million to Abu Dhabi Commercial Bank (ADCB) for defaulting on a currency-exchange deal, said a report. Saad Group, the Saudi conglomerate owned by Maa More… |
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UAE banks' Saudi exposure totals $2.9bnBanks in the United Arab Emirates have a total exposure of $2.9 billion to Saudi groups Saad and Algosaibi, the UAE central bank said on Wednesday in its first detailed disclosure on the matter. At least 13 UAE banks and seven foreign bank More… |
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UAE banks ordered to freeze Saudi Saad assetsAn Abu Dhabi court has ordered banks in the UAE to freeze the assets of troubled Saudi conglomerate Saad and its partners over bad debts, the Emirate News Agency Wam reported. Giving its decision on a writ filed by a leading national bank More… |
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Saad unit lenders meet, liquidators appointedCreditors of Saad Investments Company Ltd (SICL) held their first official meeting on Thursday, accountancy firm Grant Thornton said, taking a next step in the troubled firm's restructuring process. Banks are seeking repayment of a loa More… |
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NCB books $205m for loan losses in Q3National Commercial Bank (NCB), Saudi Arabia's biggest lender by assets, booked 769.7 million riyals ($205.3 million) in provisions during the third quarter alone, its financial statement showed on Wednesday. The provision is so far th More… |
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Algosaibi to meet creditors; resolution eyedSaudi conglomerate Ahmad Hamad Algosaibi & Bros plans to meet creditors within weeks in a bid to reach a global settlement with lenders, sources said, as around $10 billion in outstanding obligations loom. The debt implosion at Saudi f More… |
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Bahrain banks well covered against Saad, AlgosaibiBahrain's banks are well covered against the impact of debt troubles at Saudi conglomerates Saad Group and Ahmad Hamad Algosaibi & Brothers, the country's central bank governor told Reuters on Saturday. 'As far as we're More… |
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Saudi debt problems not systemic issue: IMFRecent Saudi corporate debt problems are not a sign of a systemic problem, a senior International Monetary Fund official said on Sunday. "These are events that need to be worked through as transactions but we don't really see them, in term More… |
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UAE cbank ‘would have dealt differently with Saad’If the writedowns facing two Saudi banking groups had arisen in the United Arab Emirates, officials there would have sought a settlement that included all banks, UAE central bank governor Sultan Nasser al-Suweidi said. Saudi family banking More… |
