Asian banks halt financing amid Iran-Israel tensions
After US and Israeli missile strikes that killed Iran's Supreme Leader, many Asian banks have adopted a wait-and-see stance, with some pausing or putting certain deals on hold.
Even Chinese banks (which recently boosted loans to Saudi Arabia and the United Arab Emirates) are now limiting new deals and seeking buyers to offload portions of syndicated facilities, including ADQ's US$4 billion deal.
Implications for projects and jobs
This sudden pullback could seriously impact huge projects in Saudi Arabia and the UAE that rely on foreign cash: think futuristic cities and major infrastructure.
With regulators in China and Hong Kong asking banks to check their risks, there's growing worry about money drying up just as regional tensions spike.
If things escalate further, it could mean even fewer opportunities (and more uncertainty) for anyone connected to business or jobs in the region.