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Dubai Islamic Bank (DIB) has revealed their exposure to embattled healthcare provider NMC Health Group in a note to the stock exchange.
DIB's exposure to NMC Health is approximately $425 million as of March 31, 2020. Its subsidiary Noor Bank has an exposure of $116 million to the country's largest healthcare provider.
All facilities were extended exclusively to group's operating companies and based entirely on UAE operating cash flows. The bank has no exposure to Finablr and UAE Exchange Centre. The aggregate exposure constitutes approximately 0.7 percent of the bank's total assets.
Executive Chairman of the UAE’s largest private healthcare provider, Faisal Belhoul said in a statement that his immediate priority is to achieve operational and financial stability to provide frontline care in the battle against COVID-19 and to prioritise payments to its healthcare workers and critical suppliers.
NMC Health has been facing major setbacks since the US-based short seller Muddy Waters Capital accused it of financial improprieties in December. Later in March it was cut from the UK’s benchmark FTSE 100 Index.
NMC’s debt is currently estimated at $6.6 billion, much higher than the approximately $5 billion reported earlier in March.
(Writing by Seban Scaria; Editing by Mily Chakrabarty)
#DUBAI #DIB #NMC #HEALTHCARE
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