The total exposure of banks and local companies to the "NMC" Healthcare Group and its subsidiaries and Emirates Exchange Company amounted to seven billion and 692 million dirhams, according to the official disclosures sent by these entities to the Dubai Financial Markets and Abu Dhabi Stock Exchanges, against the background of the financial problems facing the group , Which is headquartered in the country and has been listed on the London market since 2012.

The biggest exposure came to Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank, by 3.6 billion dirhams for the first, and 1.1 billion dirhams for the second in Abu Dhabi, in addition to Dubai Islamic Bank with a value of 1.6 billion dirhams in the Dubai Financial Market.

In detail, Abu Dhabi Islamic Bank announced the provision of financing facilities, equivalent to $ 291.4 million (1.1 billion dirhams), to the "NMC" healthcare group, with guarantees from the "NMC" group, through several facilities.

The bank stated in a statement on the Abu Dhabi Securities Exchange website that it invested about 31 million in the group's sukuk, but did not specify $ 31 million or dirhams, confirming that it did not expose it to the "Venable Company" and the "Emirates Center Exchange Company".

As for Abu Dhabi Commercial Bank, he clarified that he was among 80 local, regional and international financial institutions that lent to the NMC Group, indicating that the volume of debts granted by him to the company amounted to about 981 million dollars (3.6 billion dirhams), as of March 31, 2020, It makes up less than 1% of its total assets.

In the Dubai Financial Market, Dubai Islamic Bank disclosed that it has exposure to the NMC Healthcare Group and its subsidiaries.

The bank said in a statement that its exposure to the group is estimated at 425 million dollars (1.6 billion dirhams) as of March 31, 2020. He added that "Noor Bank", which is affiliated with him, also had exposure on "NMC" with a value of 116 million dollars (426 million). AED).

For its part, National Bank of Fujairah said that the value of its exposure to the group is 289 million dirhams, while Emirates NBD said that it has exposure is

Emirates Islamic Bank worth 747.3 million dirhams.

As for First Abu Dhabi Bank, it stated that it does not have any funded exposure to the group, but there is only a non-funded exposure of three million dirhams, which is a letter of guarantee that is fully covered in cash, and expires next May.

The United Arab Bank, which is listed on the Abu Dhabi Stock Exchange, also said in a disclosure, that it exposed the group at a value of 135.3 million dirhams, while the National Bank of Umm Al Quwain, listed on the same market, stated that it had a exposure to the UAE Exchange Center with a value of 50 million dirhams , Is a commercial loan.

Ajman Bank, listed on the Dubai Financial Market, showed that its total exposure is 152 million dirhams.

Mashreq Bank said that it has a exposure of 502 thousand dirhams, bank guarantees and 100% cash coverage, and several companies listed in the Dubai Financial Market confirmed in statements issued by them, their exposure to the "NMC" group and its subsidiaries, and "Emirates Exchange" with amounts amounting to Its total value is 18.5 million dirhams.

It is noteworthy that the companies are: “Emaar Malls” (3.2 million dirhams), “Emaar Properties” (167 thousand dirhams), “Aramex” (334.9 thousand dirhams), “Takaful House” (11.35 million dirhams), “Al Saqr Insurance” ( 3.5 million dirhams), while 13 other companies disclosed that there was no exposure to the group.

strategy

The new CEO of NMC Health, Faisal Belhoul, revealed his strategy to achieve the financial and operational stability of the company, and enable it to provide important medical services, in support of the efforts made by the state to address the epidemic of Covid-19.

Belhoul said: "His list of direct priorities includes achieving financial and operational stability for the company, with the aim of providing basic health care services to address the crisis (Covid-19), and to give priority to paying the salaries and dues of medical personnel, those who provide health care in the group, and the main suppliers."

The disclosure of the strategy comes within one week of Belhoul's assuming of his new position, confirming the commitment of the new administration to the company and its medical staff, patients, shareholders and lenders.

Several companies listed in “Dubai Financial” confirmed their exposure to “NMC” and its subsidiaries.

Abu Dhabi Commercial out of 80 institutions that loaned to NMC.

1.6

One billion dirhams, exposure of "Dubai Islamic" on "NMC".