A decision by Saudi authorities to put a temporary halt to licensing of new foreign banks until the country completed an evaluation process for those issued in the past few years was something of a surprise. This could be a blessing in disguise for the sector, however, because it offers bankers and the international financial industry a chance to re-evaluate the sector and gain insight into the Kingdom’s future demand for new foreign banks. The governor of the Saudi Arabian Monetary Agency (SAMA), Hamad Saud Al Sayari, said in early December 2006 that Saudi Arabia would not issue new licenses until it had reviewed the sector. Insiders told Executive that the outcome of this review is not at all a foregone conclusion. “SAMA, which has issued full-fledged licenses to 11 foreign banks, has a committee reviewing these licenses to determine future demand. Even those in the committee do not know
