Saudi American Bank denies taking part in e-commerce company establishing
The Saudi American Bank (SAMBA) has recently denied news stating that the bank intends to take part in the establishing of a new e-commerce company, reported Al-Hayat. According to the report, the bank announced that it would make efforts to develop the necessary infrastructure for e-commerce, however, it will not invest directly in the establishing of any e-commerce companies.
Press sources in Kuwait had previously publicized that SAMBA will take part in the founding of a regional e-commerce market for enterprises and companies throughout the Arab World. The same source added that the other Gulf banks, such as the Kuwait National Bank, the Jordanian Arab Bank, the Emirate Citibank and the Egyptian International Trade Bank will also invest in this project. –(Albawaba-MEBG)