Three partners from the law firm Lewis Silkin briefed ABA corporate members of current issues relating to employment rights, visas and UK laws on data protection and bribery.
National Commercial Bank opened its $6bn Initial Public Offering on 19 October despite a 10% fall in the value of the Saudi stock market in the week preceding the issue and controversy over whether Saudi citizens should invest in an institution that earns significant revenues from interest-based activities.
The Saudi Capital Market Authority has issued draft regulations for the registration of foreign financial institutions wishing to invest on the Saudi stock market. Interested parties have until 20 November to submit comments on the draft. The CMA expects that the Tadawul will be open for qualified foreign investors to invest in listed shares during the first half of 2015.
Egypt's Central Bank Governor has reappointed the Chairman and Deputy Chairman of Egypt's leading state-owned banks, with the exception of Banque Misr, whose Chairman is expected to take up the Chairmanship of another bank.
Following OPEC's 11 June decision to roll-over its production ceiling of 30mn b/d, the ABA spoke to Bill Farren-Price, CEO of Petroleum Policy Intelligence, about the outlook for oil supply.
Dr. Naaman Azhery, the Chairman of Blom Group, received the ABA's award for Distinguished Service to Banking at the Association's Annual Gala Dinner on 24 October. Over 200 ABA members and guests attended the event, which also included the Rt Hon. Oliver Letwein, Minister for Government Policy, as the keynote speaker.