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May 31, 2004
Canaries
As someone noted, canaries in mines:
" It is too early to determine whether Western companies will begin pulling employees out, though some American companies are already reducing their presence in the country. Citigroup, for example, ended nearly a half century of activities in Saudi Arabia last week when it said it would sell its remaining stake in the Samba Financial Group."
http://www.nytimes.com/2004/05/31/international/middleeast/31OIL.html?hp=&pagewanted=all&position=
However, I note that Citi had plans to oper on its own in KSA, as licensing for fully owned foreign banks should be available soon.
They may, however, be rethinking that. Still, it is a large and lucrative market, with the High Net Worth princes and all.
Posted by The Lounsbury at May 31, 2004 09:02 AM
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Jan-Jul 2004
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