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Saudi International Bank

Volume 939: debated on Friday 18 November 1977

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asked the Secretary of State for Industry what were the qualifications of the Saudi International Bank (Al-Bank Al-Saudi Al-Alami) which enabled him to give a grant of £66,000 under the Industry Acts to the bank; and whether he expects to make further grants to the same applicant.

Al-Bank Al-Saudi Al-Alami Limited are registered in the United Kingdom and trade as Saudi International Bank. They are therefore eligible to receive regional development grant on approved capital expenditure incurred in providing assets for use in qualifying premises in an assisted area. In this case the bank bought a machine tool which it has leased to a manufacturing company in Lanark, which uses it on premises which qualify for RDG purposes. If the bank submits further grant applications, they will be considered under the normal rules of the scheme.