UAE banks eye end to $22bln Saudi debt saga | ZAWYA MENA Edition:
"Banks in the United Arab Emirates are hopeful of recovering some funds in 2018 from the multibillion-dollar collapse of Saudi Arabia's Saad Group and Ahmad Hamad al-Gosaibi & Bros Co (AHAB) nearly a decade ago, a senior banking official told Reuters. The two conglomerates defaulted in 2009 in Saudi Arabia's biggest financial meltdown, leaving international and regional banks and other creditors owed about $22 billion. After years of legal disputes and only gradual progress, efforts to resolve matters have gathered pace since the establishment of a tribunal in 2016 to deal with financial claims against AHAB and Saad Group."
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