NBAD's exposure to Dubai World Group
As at 29 November 2009, National Bank of Abu Dhabi (NBAD) had US$345 million exposure to the Dubai World Group comprising the following:
• US$ 114 million nominal invested in the Nakheel December 2009 Sukuk and marked Available for Sale and marked to market through equity;
• US$ 6 million nominal in the same bond held in our Trading Portfolio and marked-to-market;
• General corporate loans of US$ 100 million and US$ 125 million to Nakheel and Limitless respectively
NBAD has no exposure to Dubai World itself.
As at 30 September 2009, NBAD had net loans of USD 34.9 billion (AED 128.2 billion); Capital & Reserves in excess of USD 6.3 billion (AED 23.1 billion) taking our Capital Adequacy as per Basel II to 18.42%; net Non Performing Loans at USD 419 million (AED 1.5 billion) and total provision of USD 613 million (AED 2.25 billion) hence making our Non Performing Loans coverage 146%.