Kuwait City, London: Global Investment House, Kuwait's biggest investment bank, said it had defaulted on most of its debt as a crisis of investment firms hit by a global credit crunch widened in the Gulf Arab state.
"The company is in default on the majority of its financial indebtedness," Global said in a statement to the London Stock Exchange where it has a listing for Global Depository Receipts (GDR).
All Kuwaiti listed and unlisted investments firms had a total debt of around eight billion Kuwaiti dinars ($28.27 billion, Dh104 billion) in December, according to the local Al Joman Center for Economic Consultancy.
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