Saudi conglomerate Ahmad Hamad Algosaibi and Brothers (Ahab) plans to meet creditors within weeks in a bid to reach a global settlement with lenders, sources said yesterday, as around $10 billion (Dh36.7) in outstanding obligations loom.
The debt implosion at Saudi firms Algosaibi and Saad Group has sent shockwaves through the region, left foreign and local banks facing massive debt exposures and sparked a flurry of litigation around the globe.
Some bankers say the total cost of writedowns from both groups may hit $22bn and affect 120 banks.
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