Financial relations between Saudi Arabia and UK

FCO 8/2579 1975 Jan 01 - 1975 Dec 31

This file concerns the financial relations between Saudi Arabia and the UK. It contains correspondence relating to:

  • The bilateral relations between the Saudi Arabian Monetary Authority (SAMA) and the Bank of England, SAMA and HM Treasury, and HM Treasury and the Saudi Ministry of Finance; and a proposal for a high-level joint seminar in Saudi Arabia
  • The invitations to the Governor of SAMA Abdul Aziz Bin Ziad Al Quraishi and the Saudi Minister of Finance Sheikh Mohammad Aba Khalil to attend the Financial Times seminar in Cairo
  • A discussion involving the Bank of England and the Treasury with SAMA on Saudi investment in the UK private sector and Iranian investment proposals
  • SAMA's requests for advice on processing of soiled banknotes, ordering new notes and the disposal of withdrawn notes
  • SAMA's purchase of gilt-edged securities with the Bank of England as intermediary
  • A visit by the President of the World Bank Robert S McNamara to Saudi Arabia, Kuwait, the UAE, and Qatar to discuss the possibility of borrowing by the International Bank for Reconstruction and Development (IBRD) and grants for the subsidy fund of the 'third window'
  • An approach by Saudi entrepreneur Adnan Khashoggi to purchase an equity stake in Slater Walker Securities, the quid pro quo for the stake involving a joint venture bank and insurance company in Saudi Arabia, a tourism project in Egypt, and an agricultural project in Sudan
  • A visit of a delegation led by the Deputy Chairman of Schroder Wagg merchant bank L F Murphy to Saudi Arabia, in connection with a proposed Saudi-based merchant back to be set up jointly by Schroder, Chase Manhattan Bank, the Industrial Bank of Japan and Saudi banks
  • The commitment of Kamal Adham to the acquisition by the First Arabian Corporation of a 25 percent stake in Edward Bates and Sons
  • The establishment of the Saudi International Bank with its headquarters in London
  • The visit of the Chairman of Barclays Bank International A F Tuke and Lord Carrington to Saudi Arabia
  • A partnership between Prince Sultan Bin Nasir Al Saud and Chichester Diamond Corporation
  • The possible establishment of the Standard Chartered Bank Limited in Saudi Arabia
  • The Chancellor of the Exchequer Denis Healey's concern over the security of the Saudi Government's overseas holdings