VOL. XL

No. 51/52

22/29-December-1997

UAE

Arab Banks Plan To Establish Mega Bank In 1998

The President of the Union of Arab Banks, Mr. Mahmud 'Abd al-'Aziz, has said that 10Arab banks from the UAE, Saudi Arabia, Jordan, Lebanon, Kuwait, Morocco and Egypt haveagreed to establish in 1998 a joint-venture bank, capitalized at $400mn, to financeinter-Arab trade and investment after a free trade zone is formed. Mr. 'Abd al-'Aziz addedthat about 30% of the bank's capital would be invested in Arab...