UAE lender National Bank of Umm Al Qaiwain (NBQ) said on Thursday its net exposure to two debt-laden Saudi groups amounted to $12.5 million, and it had already taken more provisions than the central bank required.

The Abu Dhabi Securities Exchange (ADX) said on Wednesday it has directed banks to provide details of exposure and provisions taken to troubled Saudi groups Saad and Algosaibi.

NBQ said in a statement on the Abu Dhabi bourse website that it made provisions for about 60 per cent of its exposure, which is above the UAE central bank requirement.-Reuters