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“Foreign banks feel strongly that Saudi creditors were preferred by this procedure” Thomas Harris, BBA |
The multi-billion dollar debt troubles of the Saad and Al Gosaibi groups have prompted growing international pressure on the Saudi authorities amid concerns that foreign creditors will be discriminated against in a restructuring. Mervyn Davies, the UK minister for trade and investment, travelled to Saudi Arabia in December to raise the matter of the two groups’ debt with central bank governor Muhammad Al-Jasser and finance minister Ibrahim Al Assaf.
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