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SAUDI ARABIA: ENTRY OF AMERICAN EXPRESS INTO LOCAL CREDIT MARKET.(Brief Article)
IPR Strategic Business Information Database, October, 2002
A-Sharq Al-Awsat newspaper gave details of the decision by SAMA, the Saudi Arabian Monetary Authority, to permit the entry of the American Express Credit Company to enter the Saudi local credit market. The paper quoted a source in SAMA who said in early October 2002 that the newly come company, American Express, will compete with the existing credit companies Visa, SAPAN, the Saudi Arabian Payments Network, and MasterCard.
The paper noted that the Saudi Investment Bank holds 50% of the shares of American Express of Saudi Arabia and 50% of the International American Express Credit Company. The paper quoted the Assistant Manager for Operations of the American Express of Saudi Arabia, Mazin Khuri, who said that the number of credit cards in the Saudi market will...
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