Middle East Economic Survey
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...