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Updated Wednesday, December 2, 2009 11:00 am TWN, AP

Singapore DBS says potential losses in Dubai are manageable

SINGAPORE -- Singapore's DBS Group Holdings, Southeast Asia's largest bank, said it has US$400 million of outstanding loans to troubled Dubai World, a potential loss it called “manageable.”

DBS said it has lent a total of US$1.3 billion to Dubai-owned companies, while the credit to a finance arm of Dubai World represents 0.2 percent of the bank's balance sheet. “The bank believes that the situation is manageable as a substantial portion of this is to Dubai-owned companies operating in Asia that are sound,” the bank said in a statement on its Web site. Dubai World, the city-state's main development conglomerate, said last week it is seeking a six-month reprieve on paying its US$60 billion debt.

Singapore's central bank said the country's exposure to the United Arab Emirates, of which Dubai is one of seven emirates, is less than 1 percent of total banking assets.

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	A worker fixes the fence of a new development project, Dar Wasl, in Dubai, United Arab Emirates, Monday, Nov. 30. The heavily indebted Dubai World is not guaranteed by the emirate's government, a top financial official from the city-state said Monday, offering little direction to anxious investors on a day when the United Arab Emirates registered a record fall on the back of Dubai's debt mess.(AP) Enlarge Photo


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