VOL. XLV

No 7

18-February-2002

SAUDI ARABIA

Saudi Cabinet Approves UAE BankingPresence In The Kingdom

In an unprecedented move, theSaudi cabinet has given approval to the UAEs Emirates Bank International (EBI)to establish a branch in Riyadh, according to a report published by the SaudiPress Agency (SPA) on 11 February. The report said that EBI would beallowed to inaugurate a branch in Riyadh following a recommendation from thecountrys Finance Minister Ibrahim al-'Assaf. Sources at the bank...