VOL. XXXIX

No. 40

1-July-1996

SAUDI ARABIA

Prince al-Walid Builds Stake In Saudi Cairo

In a statement issued on 20 June from his office at United Saudi Commercial Bank (USCB), Prince al-Walid ibn Talal announced that a group of investors under his leadership had acquired "more than 33.4%" of Saudi Cairo Bank. It is part of the prince's declared strategy of buying into poorly performing companies - of which USCB itself was one when he took control in 1988 - and installing new...