Middle East Economic Survey
Arab Bank Opens Branch In Syria
Jordan-based Arab Bank on 2 January opened its first branch in Syria with a paid up capital of S1.5bn ($29mn). In line with Syrias 2001 banking law which allowed private banks to set up in the country, Arab Bank holds a 49% stake in Syria Arab Bank (Syria AB) while the remaining 51% is held by Syrian investors. Syria AB launched a S365mn ($7mn) initial public offering (IPO) in February last year (...