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Email this article: Saudi banks exposure to Saad, Algosaibi estimated at US$5 billion
Posted: Wed August 26, 2009 5:02 pm
SAUDi ARABIA. Saudi banks have a combined exposure of around US$5 billion to the two troubles Saudi family conglomerates, Saad Group and Ahmad Hamad Algosaibi & Bros., according to a Standard Chartered report.
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INTERNATIONAL. If Russia's "pivot to Asia" results in Moscow and Beijing trading oil between them in a currency other than the dollar, that will represent a major change in how the global economy operates and a marked loss of power for the U.S. and its allies."
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