Arab bank for tourist development

A group of Arab businessmen began the executive measures to establish the first Arab bank for tourism development with a capital of $500 million, working on financing projects in the tourism industry in the Arab states and establishing a private fund to back stumbling projects in case Arab tourist traffic is exposed to a disruption for any reason.

Egyptian businessman Adel Abd El-Razek, a member of the board of directors of the Egyptian union for tourism chambers said this bank is considered one of the recommendations of the Arab businessmen's conference held in Marrakesh recently.

Abd El-Razek added that the bank will take part in establishing state projects of tourists type as multi-purpose trade centers (malls) as well as cities for trade, industry and investment.