Across the Middle East and beyond, shock waves from the surprise defaults of Saudi Arabia’s Saad Group and Ahmad Hamad Al Gosaibi & Brothers are being felt.
Up to 37 creditors provided $6.3 billion in syndicated loans to the two groups. Citi and BNP Paribas have the biggest exposures, accounting for about 16%. That will be just what is so far visible, though, as other forms of credit were provided through more private channels.
With no official reason for the defaults put forward, theories abound as to what might have triggered them.
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