BankMuscat said on Thursday its exposure to troubled Saudi businesses Saad Group and Ahmad Hamadt Al Gosaibi Group & Brothers (AHAB) totals 66 million rials ($171.4 million).

"Bank Muscat has direct exposure to these groups amounting to approximately 49 million rials through our Riyadh Branch," it said in a statement on the Oman bourse website.

"One of our associates, BMI Bank, Bahrain, also has exposure to these groups, amounting to approximately 17 million rials."    

The Omani lender said it was "too difficult at this stage to confirm any timelines, provisions if any we might have to take for a period of time".

Although "these groups are in default on some of their obligations, we take comfort in the fact that the groups' operating companies are profit-making and based on the last published financials, have strong balance sheets", it added. - Reuters