(1) Saudi Arabian Monetary Agency (SAMA):
Saudi Arabian Monetary Agency is the Central Bank of the Kingdom. SAMA monitors the
operations of commercial banks and the Saudi stock market, issues the currency,
determines the money supply, and manages the country's financial reserves (See appendix I for address).
(2) Commercial Banks:
Commercial banks in Saudi Arabia evolved through branches of foreign banks. The
National Commercial Bank is the first Saudi bank in the Kingdom, (see ad., page ---). It
was established in 1953 followed by the opening of Riyadh Bank in 1957 (see ad., page ---
). Saudization of the banking system began in the mid 1970's and was accomplished in the
early 1980s. There are twelve commercial banks now operating in the Kingdom. Some of these
banks are totally owned by Saudis and some are joint ventures with foreign banks with
hundreds of branches in major cities of the Kingdom (for names and addresses, see appendix VI).
(3) Government Specialized Investment Funds:
These funds, mentioned above, were established by the government and are financed
through budgetary appropriations. Their main function is to provide medium and long-term
loans to private and public projects (see listing in appendix I).
(4) The Non-Bank Financial Institutions:
These financial institutions function mainly in investment, insurance, and money
exchange. Listings of these institutions can be obtained from the Saudi Chambers of
Commerce and Industry (see appendix IV for address).
Regulations affecting foreign investment in Saudi Arabia are provided in the next
chapter.
