Thursday, 17 October 2019

Qatari banks sell its loans in the UAE

UAE banks are buying up loans that Qatari banks – Doha Bank and Barwa Bank – extended to UAE companies, banking sources told Al Arabiya.

In the UAE, Doha Bank – one of the largest Qatari commercial banks – has branches in Dubai and Abu Dhabi and a representative office in Sharjah.

Barwa Bank, Sharia compliant banking service provider from Qatar, has a representative office in Dubai International Financial Centre (DIFC) from 2014.

The sources confirmed that the UAE banks are buying these loans at a discount, although these loans are estimated to amount to billions of dollars.

The Qatari banks are selling these loans out of fear of additional sanctions on Qatar, sources added.

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