Middle East Economic Survey
Central Bank Of Bahrain Places Awal, TIBC Under Administration
Two Bahraini banks, Awal and The International Banking Corporation (TIBC), have been put under administration by the Central Bank of Bahrain (CBB). Both are subsidiaries of troubled Saudi conglomerates. Awal is owned by the Saad Group, whose Chairman Maan al-Sanea, is subject to a lawsuit filed in New York by Ahmad Hamad Algosaibi & Brothers (AHAB), another Saudi...