First Gulf Bank suing Al Gosaibi for Dh58.7m - The National Newspaper

First Gulf Bank, the UAE’s fourth-largest bank by assets, is suing the troubled Saudi conglomerate Ahmad Hamad Al Gosaibi and Brothers over an alleged default on Dh58.7 million (US$15.98m) of loans.

The lawsuit, lodged in the Abu Dhabi Court of First Instance last year, seeks recovery of the value of the loans plus lawyers’ fees and interest, court documents obtained by The National show.

The lawsuit names Al Gosaibi’s trading business in Dubai and its parent company in Saudi Arabia as defendants.