Abu Dhabi Commercial Bank may be owed $1.9bn by Dubai World, making it the largest creditor outside the emirate to the Dubai-owned company seeking to reschedule debt, reports Bloomberg. Stocks plunged on Thursday after Dubai World sought a delay on repayment on much of its $59bn of debt. The debt owed to Abu Dhabi Commercial adds to problem loans to Saad Group and Ahmad Hamad Algosaibi & Bros, the Saudi Arabian family companies that defaulted earlier this year. Abu Dhabi Commercial shares fell 31% from Sept 17 to Nov 1 after the bank said it was owed a total $610m by the two companies.

This entry was posted by Gwen Robinson on Friday, November 27th, 2009 at 4:58 and is filed under Capital markets. Tagged with Abu Dhabi Commercial Bank, dubai world. Edit this entry.