$830 billion Arab savings are abroad

"The total amount of savings by Arabs abroad is $830 billion," Secretary General of the Union of Arab Banks, Dr. Adnan al-Hindi stated.

Efforts are underway to bring the money back to Arab states to fund companies and investment projects. "Ten central Arab banks agreed to collaborate in the capital of the proposed bank for investment," he told reporters.

The capital of the bank would be $500 million to improve trade among Arab nations. Recently, Arab states began to reduce tarrifs