ADCB and First Gulf have $500m in Saudi exposure

Abu Dhabi Commercial Bank and First Gulf Bank have more than $500 million (Dh1.83 billion) of exposure to the troubled Saudi business groups Saad and Algosaibi, according to a banking source.

"ADCB has significant exposure to the Saudi businesses. It could be easily more than $500m," said a person familiar with the issue yesterday, requesting anonymity.

Chief Executive Ala'a Eraiqat declined to comment on the nature or the magnitude of any possible exposure, but said it was mostly backed up with cash deposits held at ADCB.