Mashreqbank files UAE court case against Saudi Algosaibi Group

Dubai-based Mashreqbank has filed a court case in the UAE against Saudi group Ahmad Hamad Algosaibi & Bros (AHAB) to claim US$398 million owed by the group, it said late on Sunday.

"Mashreq confirms legal proceedings are underway in the United Arab Emirates for the claimed amount of AED1.46bn ($397.6m) owed to it by AHAB," it said in an emailed statement.

It said this amount included the US$225m it seeks to recover from AHAB in a law suit filed in New York.