Saudis buy into an equity culture

ALMOST 9 MILLION SAUDIS applied for shares in Bank Albilad, the latest flotation on the rapidly developing Saudi Arabian Stock Exchange. That is more than half the population and an even higher proportion of those holding bank accounts, a requirement for buying shares. About SR8 billion ($2.3 billion) was put forward for only SR1.5 billion-worth of shares. Bankers say that with such a large number of frustrated investors, the shares might rise to 10 times their issue price when trading starts later this month.