Almost 10 years ago, Sharjah hosted Pakistan’s one-day match against the Sri Lankans in what was the grand old stadium’s first women’s international match
cricket11 hours ago
Pudner said the bank’s balance sheet and results in the fourth quarter would not be affected by the exposure, which the bank has declined to detail up to now.
At least 13 UAE banks and seven foreign banks have exposure to Saudi family firms Saad Group and Ahmad Hamad Algosaibi and Bros Co (AHAB), the UAE central bank said last week.
Pudner, when asked whether his bank’s exposure was around $350 million, said, “It’s probably in the right ballpark or slightly less than that.”
“It won’t affect our fourth-quarter results ... it is not material for us,” Pudner told Reuters by telephone.
Emirates NBD has said since July its exposure to Saad and Algosaibi “is not material in relation to” its balance sheet, but until now declined to give a more specific number.
Other banks in the UAE such as Abu Dhabi Commercial Bank and Mashreq have said their exposure amounts to $609 million and $400 million respectively.
The UAE Central Bank recently told banks in a circular to take provisions worth half their exposure to the two Saudi firms by year-end, instead of 2010. Banks in the UAE have $2.9 billion in Saudi exposure, according the Central Bank.
Emirates NBD has been more conservative than required by the central bank’s provisioning guidelines, Pudner said. —
Almost 10 years ago, Sharjah hosted Pakistan’s one-day match against the Sri Lankans in what was the grand old stadium’s first women’s international match
cricket11 hours ago
Investors advised to avoid panic about oil prices due to the Middle East crisis
energy12 hours ago
The number of home listings in four prime areas declined by 52 per cent during Q3 2024, when compared to the same period last year
realty12 hours ago
Funding, in convertible debt, also coming from Thrive Capital and Khosla Ventures
tech12 hours ago
Tesla's deliveries fall short of expectations, shares drop over 6%
auto12 hours ago
The Artisan is an ideal choice for a business lunch
food12 hours ago
Before 1971, the average life expectancy was 53 years — now it's 80; this is why managing seniors' well-being is becoming an important topic, doctor says
uae12 hours ago
Gomez emphasises the role of gastronomy in diplomacy, stating that the relationships between nations are often strengthened around the dining table
lifestyle12 hours ago