UAE lenders own up to troubled debts

Banks across the UAE on Wednesday moved to reveal their exposure to the financially troubled Saad and Al Gosaibi groups after the market regulator demanded a greater level of disclosure.

The UAE’s two main stock exchanges asked listed banks to reveal their exposure to the Saudi conglomerates in response to a request from the Emirates Securities and Commodities Authority (ESCA).

The Abu Dhabi Securities Exchange (ADX) “can confirm a communication was issued to some listed companies as part of a routine process”, an ADX spokesman said. “It should be appreciated that companies disclose information on a regular basis and will continue to do this as the need arises.”