Middle East Economic Survey

VOL. XLIX

No 14

3-April-2006

SAUDI ARABIA

Inmaa Bank Launched With $4Bn Capital

Saudi Arabias cabinet on 27 March approved the launch of Inmaa Bank with a capital of SR15Bn ($4bn). State-owned Public Investment Fund, Pension Fund and the General Organization for Social Insurance will each hold 10% of the banks shares, while the remaining 70% will be sold in an initial public offering (IPO) before the end of this year. The new bank, with the highest paid-up capital in the...