ADCB tops list of Dubai World’s creditors

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Abu Dhabi Commercial Bank (ADCB) has disclosed the biggest exposure yet to Dubai World among local lenders as the conglomerate seeks to restructure as much as US$22 billion (Dh80.8bn) of debt.

The emirate’s third-largest bank has about Dh9bn in outstanding loans to the company, about half of which are supported by collateral and income streams from infrastructure and other projects, said Alaa Eraiqat, the chief executive.

“If I slice it down, the picture looks much better because of the ring-fenced income and collateral of some of these exposures,” he said.