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Saudi Arabian banks' exposure to the Dubai World is very limited, hence the Kingdom's banking sector is not in danger, central bank Governor Muhammad al-Jasser said.
"The exposure to this group is very limited because the focus of credit is generally in the Saudi market," al-Jasser said in an interview with the Al-Arabiya television on Friday. He noted that the exposure of Saudi banks to Dubai World debt is less than 0.2% of their balance sheets.
His comments came a day before the Saudi stock market opened on Saturday after a long holiday and for the first time since the Dubai debt issue rattled global markets. On November 25, the Dubai World, one of Dubai's main state holding companies, asked for a delay on maturities until at least May 30, 2010. The company has total debts of $59 billion.
On November 30, the company said it started constructive talks with banks to restructure $26 billion of debt, of which approximately $6 billion relates to the Nakheel sukuk.
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