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Alamoudi Exchange Company officially registered in 1963, is owned by the Alamoudi family that has been in the exchange profession for three generations. The long association of the Alamoudi family with money exchange business dates back to the days when there was no formal money and banking system in Arabia and people used coins having metallic content equal to their value for storage of value and limited exchange transactions Money exchangers operated particularly for pilgrims to Makkah and Madinah and had informal connections with international currency markets. As the formal money and banking evolved in the 1950s and 1960s the Alamoudi family got their business registered.