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Egyptian banks delay giving EGP 2.5bn loans for Saudi firms – Sources

Egyptian banks delay giving EGP 2.5bn loans for Saudi firms – Sources
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Cairo – Mubasher: Some banks in Egypt postponed giving loans at a value of EGP 2.5 billion for Saudi companies.

Delaying the loans was attributed to arresting some firms’ owners, 11 princes, number of former ministers, and four current ministers by the Saudi government, accusing them of corruption, Al Shorouk newspaper reported, citing banking sources as saying.

Banking alliance postponed awarding EGP 1.6 billion loan to Al Tayyar Travel Group in Egypt, the subsidiary of Saudi Arabia-based Al Tayyar Travel Group after arresting Nasser bin Aqeel Al Tayyar who owns 29.72% stake in the group.

Another banking consortium which is led by Banque Misr delayed to give EGP 900 million loan for Marasem International For Urban Development.

Marasem International For Urban Development is a unit of Saudi BinLaden Group (SBG).

The total wealth of arrested persons, including Alwaleed bin Talal amounted to $ 33 billion, Bloomberg’s statistics showed.

Bin Talal is the chairman of Kingdom Holding Company (KHC).

On Saturday, 5 November, the Saudi Arabian King, Salman bin Abdulaziz  issued a royal decree, to form an anti-corruption committee led by Crown Prince, Mohammed bin Salman government to preserve the country’s money, issue travel bans, and freeze bank accounts.

The Saudi Committee arrested 11 princes, some of former ministers, and four current ministers.