JEDDAH, 23 August 2005 — Saudi Arabia yesterday allowed State Bank of India and National Bank of Pakistan to open their branches in the Kingdom. The Cabinet meeting, chaired by Custodian of the Two Holy Mosques King Abdullah gave the approval. The Cabinet meeting authorized Finance Minister Dr. Ibrahim Al-Assaf to decide on new applications by the two banks to open their branches. Saudi Arabian Monetary Agency (SAMA) has been instructed to coordinate with the banks to complete necessary formalities. The Cabinet urged the two banks to follow the Kingdom’s regulations such as the banking control law, the companies law and the foreign investment law.