Citigroup Inc., the New York-based bank that sold its 20 percent stake in a Saudi Arabian lender six years ago, is applying to open an office in the Kingdom, shareholder Prince Alwaleed Bin Talal said. “Saudi Arabia welcomes the presence of a Citibank office here, Alwaleed, who owned 218 million shares in the bank as of November 2008, said on Tuesday in an interview with Bloomberg Television. The bank sold its 20 percent stake in the Saudi American Bank, now known as Samba Financial Group, to the state Public Investment Fund for $760 million in 2004, ending a business that started in 1955. A 2003 capital market law opened the door for foreign banks to apply for licenses. Railway bidding extended The Saudi Railway Organization extended the bidding period for the second phase of a $7 billion rail line linking Jeddah's international airport with Makkah and Medina. The extension to July, which was requested by bidders, won't affect completion of the project by the end of 2012, according to a statement on organization's website. Saudi Binladin Group, Siemens AG, Deutsche Bahn AG, Alstom SA and China South Locomotive & Rolling Stock Corp. are among bidders for the contract to supply trains and electrical systems for the 450-kilometer (280-mile) line. This is the second time the railway organization has extended the deadline.
