Stocks
SAIB Sells Stake in American Express Saudi Arabia for $381 Million
The Saudi Investment Bank (SAIB) has sold its 50 percent stake in American Express Saudi Arabia to Amex Middle East for SAR1.4 billion ($381 million).
The sale of the stake resulted in a gain of SAR792 million, which SAIB will use to support and strengthen its financial position.
As reported by SAIB, American Express Saudi Arabia's principal activities include issuing credit cards and offering other American Express products in the kingdom.