The fallout of the market crisis in the United Arab Emirates (UAE) could very well be much worse than can be seen on the surface, the Khaleej Times reported Wednesday quoting financial analysts.
As reports of losses sustained by investors are coming to light in increasing number banks selling derivative products and notes from Lehman Brothers have declined to comment while some of them said they need more time to assess the damage.
But losses sustained by individual and corporate investors in the country following the collapse of Lehman Brothers could be phenomenal and could be known only when financial institutions disclose their exposures to the crisis, analysts said.
A spokesman of Citibank confirmed that a limited number of customers in the UAE had been affected by Lehman