We have been following developments with the Aramco IPO, the pre-budget statement and new appointments at Al-Rajhi and SAMA. Click below for more details on these stories.
Happy Eid el-Adha
Eid el-Adha – 'The festival of the sacrifice' is one of the two big annual Muslim festivals. (The other is Eid el-Fitr, at the end of Ramadan.)
Eid el-Adha coincides with the end of the pilgrimate to Mecca and commemorates the occassion when Allah asked Ibrahim to sacrifice his son Isma'il, as a sign of loyalty. At the last moment, Allah substituted a sheep for the son, and that is why it is traditional to sacrifice sheep at Eid el-Adha.
The public holiday will begin in most countries at sunset on Sunday 11 August and will usually last four days.
The Muslim calendar follows a lunar pattern rather than a solar pattern, and so the Muslim year is roughly 11 days shorter than a western year. As a result, events such as Eid al-Adha move about 11 days earlier (ie towards January) each year.
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We are delighted to welcome Spector Constant & Williams (SCW) as one of our newsest corporate members. SCW is a newly-established London-based law firm whose staff have decades of experience. The photo is of George Constant, who will be the firm's main contact with the ABA
We honoured Isam al-Sager, Group CEO of National Bank of Kuwait, with our Award for Distinguished Service to Arab Banking, at our Gala Dinner in London on 23 October.
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We are welcoming ODDO BHF, the German investment bank and asset manager; TLT Sollicitors, and Spector Constant and Williams sollicitors.