Our round-up of Middle East financial news includes notes on the Saudi-isation of insurance selling in the Kingdom, Algeria's financial difficulties, Morocco's plans to float its local currency, Egyptian inflation, and the DIFC's efforts to attract Trust and Foundation business.
Eid el-Fitr is the Muslim holiday that marks the end of the month of Ramadan. The first day of the Eid (which means 'festival' in Arabic) was due to be either Sunday 25 June or Monday 26 (depending on the movement of the moon), and the ensuring holiday (when offices in Muslim countries are closed) lasts several days. The number of days differs from country to country.
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We will hold our Annual General Meeting on Tuesday 31 October at 5.30pm in the Arab Chamber of Commerce Building in Upper Grosvenor Street. All members are encouraged to attend.
Credit Agricole has announced that it will sell half of its stake in Saudi Fransi Bank to Prince Walid al-Talal. The Arab Banker's editor reviews the level of foreign bank ownership in the Saudi banking system.
The Arab Bankers Association sends best wishes to its members and their families on the occassion of Eid al-Adha, the holiday that marks the end of the annual pilgrimage to Mecca.
Gatehouse Bank, the London-based bank that offers Shariah-compliant banking services, delivered a seminar on the UK property market and Shariah-compliant financing to a delegation of students from the University of San Diego on 10 August.