Iran, Saudi Arabia, UAE establish new bank

The director general of the Iranian economic district of Sarkhas, Nasser Waez Tibsi, has announced that an Iranian, Saudi and United Arab Emirates joint bank with an Arab identity will be established.

In statements issued last week in Tehran, Tibsi said that the share of each of the three sides will divided equally, with 33.5% held by each member.

He added that branches will be established for the bank in Iran, the UAE and the countries of central Asia.

He said the initial capital for this bank is a sum of US $150 million. He continued that other sides can join the bank, which was agreed to be established during the recent visit by Iranian President Muhammad Khatami to Saudi Arabia.