Arab Today, arab today al tuwairqi signs debt restructure deal
Last Updated : GMT 12:54:10
Arab Today, arab today
Arab Today, arab today

Al Tuwairqi signs debt restructure deal

Arab Today, arab today

Arab Today, arab today Al Tuwairqi signs debt restructure deal

Riyadh - Arabstoday

Saudi steelmaker Al Tuwairqi Group has signed a 7.5 billion riyal (Dh6.9 billion) debt restructuring of bank loans. Final documentation for the restructuring has been signed by a group of 18 banks, mainly Saudi local banks, according to a press release issued after the signing ceremony. Dr Hilal Al Tuwairqi, chairman of the board of directors of the Riyadh-based group, said the agreement would enable the group to get out of its current financial troubles, which are a fallout of the global economic downturn. Dr Robert Eid, managing director and CEO of the Arab National Bank, which led the negotiations on behalf of the banking group, said a major chunk of the loan would be made available by Saudi banks. The deal is regarded as the largest debt restructuring to be completed so far, not only in Saudi Arabia but also in the Middle East, according to the press statement. The restructuring has been in the works since late 2008 after Al Ittefaq Steel Products, a unit of Al Tuwairqi Group, took a hit from a sharp drop in steel prices. Dr Eid, who is also a member of the board of directors of ANB, described the agreement as a pride for the Saudi banking sector as it satisfies all concerned parties and without a loss for any of them. Addressing a press conference after signing the agreement, Eid said the deal would help improve the financial condition of Al Tuwairqi Group. \"It would enable the group to function well in addition to encourage it to explore avenues of further expansion,\" he said. According to Eid, there has been no coordination with the Saudi Arabian Monetary Agency (SAMA), the central bank, with regard to signing the debt restructuring deal. \"This shows the freedom enjoyed by the Saudi local banks in having transactions with their clients,\" he added. Dr Al Tuwairqi said his group was not in need of negotiating with the group of banks with regard to any concessions. \"On the contrary, we reiterated our commitment to fulfill the rights of each bank, and that facilitated the deal in a smooth way,\" he said. Dr Al Tuwairqi said the financial loss incurred by his group as a fallout of the global financial crisis was the reason for its failure to settle its debts on time. The group of banks involved in the deal included 10 Saudi banks. They are the Arab National Bank, Al Rajhi Bank, Samba, National Commercial Bank, Saudi Investment Bank, SAAB, Saudi Fransi Bank, Riyadh Bank, Al Jazira Bank and Saudi Hollandi Bank while the foreign banks are HSBC, National Bank of Kuwait, Standard Chartered, State Bank of India, Arab Bank, Gulf International Bank, Al Baraka Bank, and Arabian Banking Corporation. From / Gulf News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today al tuwairqi signs debt restructure deal Arab Today, arab today al tuwairqi signs debt restructure deal

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today al tuwairqi signs debt restructure deal Arab Today, arab today al tuwairqi signs debt restructure deal

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Russia and Iraq restore air travel

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 11:53 2017 Saturday ,16 September

Jolie effect helps Namibian tourism

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday