UK banks lead Dubai foreign creditors
UK BANKS make up the biggest group of foreign creditors for debt-swamped Dubai World, and Royal Bank of Scotland is the most exposed, it was reported yesterday.
RBS is said to have between $1 billion and $2bn (600 million and 1.2bn) of outstanding lending to the emirate's beleaguered investment firm.
It is understood HSBC, Standard Chartered and Lloyds Banking Group are all exposed to the tune of $1bn each.
Dubai World is labouring under nearly $60bn (36bn) debts, which were built up as it expanded its investment empire.
The company's projects include a six-tower hotel-entertainment complex in Las Vegas, Dubai's famous man-made, palm tree-shaped islands and Scotland's Turnberry golf course.
Dubai has been flooded with credit in recent years, enabling developers to build soaring skyscrapers and luxury residential compounds on man-made islands.
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