NMC Health, Finablr and UAE Exchange – who is owed what?

Lenders are owed more than Dh10bn by businesses that are partly owned by billionaire B R Shetty

A logo sits on display outside the NMC Speciality Hospital, operated by NMC Health Plc, in Abu Dhabi, United Arab Emirates, on Sunday, March 1, 2020. Troubled NMC Health Plc, the largest private health-care provider in the United Arab Emirates, asked lenders for an informal standstill on its debt as Abu Dhabi weighs an injection of capital to safeguard the emirate’s reputation among global investors. Photographer: Christopher Pike/Bloomberg
Powered by automated translation

Publicly listed companies were asked by UAE market regulators to outline their exposure to NMC Health – the country’s biggest healthcare operator which looks set to be placed into administration at a UK High Court hearing today.

Given the ties between the company, which was founded by BR Shetty in 1975, and Finablr –  in which Mr Shetty retains a majority stake – companies were also asked to declare any exposure to that group, and to its largest local entity, UAE  Exchange.

Banks have the greatest exposure, having extended loans and invested in sukuk worth more than Dh10 billion. Banks from other Gulf states have also begun reporting their exposure.

But insurers and other companies have also declared investments and other relationships, including money that is owed to NMC Health.


Abu Dhabi Commercial Bank

Owed $981 million (Dh3.6bn) by NMC Health, the lender is NMC Health’s biggest sole creditor and has notified the company it intends to apply to the High Court in London to appoint an administrator. The company also reported $182m of exposure to Finablr Group and its subsidiaries, including UAE Exchange. Combined, it said the exposure represents about 1 per cent of the bank’s total assets.

Dubai Islamic Bank

DIB, the country’s largest Islamic lender, is owed $425m by NMC Health. It also said Noor Bank, which it acquired in January, is owed $116m.

Emirates NBD

Dubai’s biggest bank has total exposure of Dh747.34m to NMC Health “and related companies”. This amount includes Dh676.46m owed to Emirates Islamic Bank.

Abu Dhabi Islamic Bank

The bank has extended the equivalent of $291.4m in financing to NMC Health and its subsidiaries. It also has exposure of $31m to an NMC Health-issued sukuk.

Commercial Bank International

The lender has exposure to NMC Health, UAE Exchange and Finablr totalling Dh425.6m. But it did not specify how much is owed by each company.

Commercial Bank of Dubai

A Dh140.1m exposure to NMC Health through credit facilities extended to the company. It is also owed Dh410.2m through a “fully secured” credit facility to UAE Exchange.

Ajman Bank

The lender is owed Dh151.9m by NMC Health.


The bank “has extended Dh100.2m in working capital facilities” to NMC Health.

National Bank of Fujairah

The lender has Dh289.1m total exposure, but only Dh12.9m to NMC Health. It is owed Dh175.6m by Finablr, Dh63.8m by UAE Exchange and Dh36.8m by “others”, whom it did not specify.

National Bank of Umm Al Qaiwain

No exposure to NMC Health, but has provided a commercial loan to UAE Exchange worth Dh50m backed by personal guarantees.

Sharjah Islamic Bank

Exposure to NMC Health worth Dh29.6m.

United Arab Bank

Total exposure to NMC Health worth Dh135.26m, of which Dh129.79m is described as funded exposure and Dh5.47m of which is unfunded.

First Abu Dhabi Bank

No funded exposure to any of the businesses.

Dh3m unfunded exposure in the form of a letter of credit, “which is fully cash collaterised” and expires in May, the lender said.


The bank is owed Dh502,598 by NMC Medical Trading. An equities fund controlled by the bank, Makaseb Arab Tigers Fund, also holds 25,000 shares in the company.

Al Salam Bank

The lender holds a direct stake of about 4.9 per cent in NMC and an indirect stake of just below 3 per cent.

National Bank of Kuwait

The bank has exposure to NMC Health of 29 million Kuwaiti dinars (Dh341.6m), which is 0.6 per cent of its loan book.

Kuwait International Bank

It is owed 23 million dinars through its participation in two syndicated Murabha facilities. In total, this represents 1.2 per cent of its loan book.

Warba Bank

It has also participated in syndicated Murabha loans and invested in NMC Health sukuk to the tune of 21 million dinars combined, but did not break down how much money is in each. The figure equates to 0.9 per cent of its loan book.

Arab Banking Corporation

The Bahrain-based lender reported total exposure of $116m to NMC, Finablr and UAE Exchange, but did not say how much was owed by each company. It did say $76m was through loans and advances, $25m through working capital and guarantees and that $15m of the exposure was through investments, although it did not specify whether this was sukuk or equity.


Dar Al Takaful

The company is owed Dh1.13m by NMC Health.

Abu Dhabi National Takaful Co

The firm has a Dh1.07m exposure through a sukuk investment in NMC Health.

Watania (National Takaful Co)

Net debtor to NMC Health – owes Dh4.13m in unpaid claims but is due Dh1.94m in premiums.

Al Sagr Insurance

The firm owes Dh3.5m to NMC Health.

Abu Dhabi National Insurance

Leases a building to NMC Healthcare and buys medical services from it. After offsetting, it owes an unspecified amount to NMC Healthcare.

Oman Insurance Company

Another net debtor, it has payable amounts due worth more than Dh6.67m to NMC Health but is also owed Dh2.67m. These amounts are “not final and subject to change”, especially as claims are still being processed, the company said.


Waha Capital

The company has “indirect exposure” to NMC Health in the form of a convertible bond in the company worth Dh1.4m held by subsidiary Waha Investment.


The telecom operator has an unpaid amount of Dh160,615 that is outstanding from NMC Health.


The firm is owed Dh8.4m for telecoms services provided to NMC Health and UAE Exchange.


The Ras Al Khaimah-based pharmaceutical company “has a net exposure of Dh9.9 million to NMC group entities” in Abu Dhabi, Dubai and Saudi Arabia.

Reem Investments

Has a $1m investment in a sukuk issued by NMC Health.

Aldar Properties

The developer described business relationships with both NMC Health and Finablr as “immaterial”, but it is owed Dh1,922,917 through lease contracts with UAE Exchange.


The company is owed Dh335,953 for courier services provided to UAE Exchange and NMC Health.

Emaar Properties

The Dubai-listed developer is owed Dh167,000 by UAE Exchange.

Emaar Malls

Currently owed Dh1.4m from UAE Exchange, secured by Dh1.78m worth of post-dated cheques.

RAK Ceramics

Minor exposure to both NMC Health and UAE Exchange. Owes Dh27,589.70 to an NMC clinic, which is currently awaiting approval from an insurance company and a further Dh1,150 – both to the NMC Royal Hospital facility in Ras Al Khaimah. With UAE Exchange, the company has two Go-Cash multicurrency cards with cash balances of Dh9,471.86 and $3167.07. A group company, Al Hamra Construction, also has a cheque for Dh24,174.45 for salary payments it needs to present to the company.