It may be local disaster when finanical market started to collapse in 2nd half of 2008, but with the passage of time the cat is coming out of bag. It is Saudis who have managed to PLAY upon UAE banks and dried them out. The Saad and The Algosaibi groups, of KSA are the 2 major groups who have cheated upon the Banks of UAE.
So far, only Abu Dhabi Commercial Bank (ADCB), mashreq and National Bank of Abu Dhabi (NBAD) have disclosed their exposure to Saad and Algosaibi. ADCB and mashreq said they are owed $609 million (Dh2.2 billion) and $400 million respectively, while NBAD has reported an almost negligible $11 million. “It has been clear for some time that banks in the UAE and elsewhere have been hit fairly hard by Saad and Algosaibi,” said David Butter, Economist Intelligence Unit chief economist. “But it will be difficult for central bankers to take any decisive measures on this affair because it is still subject to some fairly large lawsuits.”
Al Suwaidi is due to participate in today’s meeting of Gulf Cooperation Council (GCC) central bankers.
Yesterday, he reasserted the UAE is still not considering rejoining the proposed GCC monetary union. “The subject is not currently under discussion,” he said.
Whats does he think of people in UAE… are they STUPID????