$500 million regional bank to be established

Mohmoud Abdul Aziz, the chairman of the Union of Arab Banks, announced today the establishment of the largest Arab bank, with a capital $500 million.

Banks from, Egypt, Jordan, Kuwait, Lebanon, Qatar, Saudi Arabia, and the United Arab Emirates are participating in establishing the bank in addition to Arab investors.

Abdul Aziz said the project aims at enhancing trade among the Arab states, financing Arab joint projects and developing the market economy in the Arab region.

Abdul Aziz added that this bank is expected to the established before the end of the coming year.