Middle East Economic Survey

VOL. XLVII

No 45

8-November-2004

SAUDI ARABIA

REGIONAL BANKING

Saudi Cabinet Approves Al-Bilad Bank

Saudi Arabias Council of Ministers on 1 November approved the launching of Al-Bilad Bank. The Islamic Bank was created through the merging of eight money exchangers with a capital of SR3bn ($800mn), half of which was to be floated for public subscription later this month (MEES, 23 August) at the rate of SR50 per share. The maximum and minimum number of shares to be...