Doing Business In Saudi Arabia - Bna

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FDI Inward Stock 51828 FDI Outward Stock 5211 FDI Inflow as % of GDP 14.9 FDI Outflow as % of GDP 1.5 FDI Inflow as % of GFCF 32.1 FDI Outflow as % of GFCF 1.3 GDP = gross domestic product GFCF = gross fixed capital formation Web Resources Return to top Return to table of contents 5/13/2008
Return to table of contents Chapter 7: Trade and Project Financing 5/13/2008 How Do I Get Paid (Methods of Payment) How Does the Banking System Operate Foreign-Exchange Controls U.S. Banks and Local Correspondent Banks Project Financing Web Resources How Do I Get Paid (Methods of Payment) Return to top An irrevocable letter of credit (L/C) is the instrument normally used for Saudi imports. Open account, cash in advance and documentary collections are also acceptable if both parties agree. Maximum or minimum credit terms are not required. Export Credit Insurance for political and commercial risk is available from the U.S. Export-Import Bank in Washington, D.C. Through an initiative of the local banks, the Saudi Credit Bureau (SIMAH) is Saudi Arabia’s first comprehensive consumer credit bureau. Established in 2003, SCB will only extend its services to members in the banking industry. The current laws of Saudi Arabia do not allow sharing of financial information with non-banking institutions. Debt collection is usually undertaken by a number of law offices. A representative list of lawyers is available through the U.S. Commercial Service. How Does the Banking System Operate Return to top An important development in the Saudi financial scene was the Royal Directive (May 9, 2006) to establish the King Abdullah Financial District in Riyadh, which will house major financial institutions, the Capital Market Authority, the Stock Exchange, and other service providers. The Saudi banking system remains one of the strongest and most profitable in the region. Although net income came down more than 14 percent from $9.4 billion in 2006 to $8.06 billion in 2007, total assets of the Saudi banking sector went up more than 24 percent, from $229.6 billion in 2006 to $286.7 billion in 2007. Ramifications of the stock market collapse in 2006 have negatively affected the banking sector’s profits in 2007and most of the country's banks are now trying to boost income from other sources, particularly retail lending. Aggregate consumer borrowing increased more than 21 percent, from $126.9 billion in 2006 to $154.1 billion. In March 2006, the Council of Ministers approved the establishment of Inma’ Bank (The Development Bank). Capitalized at $4 billion, the founders include the Public Investment Fund (10%), the Pension Organization (10%), and the General
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Doing Business In Saudi Arabia: A C
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5/13/2008 Commercial Disputes Settl
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5/13/2008 Deregulation and privatiz
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Chapter 2: Political and Economic E
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Another service is the Gold Key Ser
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growing competition from local and
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contractors must subcontract 30 per
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companies to provide financial serv
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Saudis are gracious hosts and will
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Shows. CS Saudi Arabia office is al
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There are many firms throughout Sau
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Oil & Gas Field Machinery (OGM) Ove
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U.S. Department of Energy Energy In
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