Middle East Economic Survey
Edict Formally Establishes Al-Bilad Bank
Saudi Trade and Industry Minister Hashim Yamani on 18 April issued an edict formally establishing al-Bilad Bank. Cabinet approval was granted in November 2004 (MEES, 8 November 2004), and the banks statutes were published in the Official Gazette a month later (MEES, 10 January). The capital of the new company has been set at SR3bn ($800mn), divided into 60mn shares with a nominal value...