Saturday 19 April 2014
 
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Saad

Sabre signs accord with Saad Transport

Bahrain-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

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UK court orders Saad to pay ADCB $33.1m

A 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

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UAE banks' Saudi exposure totals $2.9bn

Banks 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

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UAE banks ordered to freeze Saudi Saad assets

An 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

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Saad unit lenders meet, liquidators appointed

Creditors 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

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NCB books $205m for loan losses in Q3

National 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

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Algosaibi to meet creditors; resolution eyed

Saudi 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

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Bahrain banks well covered against Saad, Algosaibi

Bahrain'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

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Saudi debt problems not systemic issue: IMF

Recent 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

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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

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