Arab joint bank
Regional, Business, 8/3/1999

Ten Arab banks in Egypt, Jordan, Kuwait, Lebanon, Morocco, Saudi Arabia and the United Arab Emirates announced their intention to establish a joint bank with a capital of $1 billion to finance trade and investment operations among the Arab states.

This project is one of seven regional Arab projects raised by the Arab private sector recently with funds that exceed $1 billion.

This statement about the joint Arab bank, whose location has not yet been determined, coincides with a general governmental trend toward granting the Arab private sector a larger role in Arab economic activity and granting more facilities and privileges to support this trend in order to encourage the private sector to get into the world of major projects as well as preparing the Arab economic climate to attract more Arab investment.

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