Arab banks’ assets moving over $3.5 trillion – official

Banking assets in the Arab world currently exceed $3.5 trillion, equivalent to 140 percent of gross domestic product, a Union of the Arab Banks (UAB) official said on Tuesday.

“Loans provided by Arab banks are totalling more than $2 trillion,” Wissam Fattouh said at a conference in Cairo.

Boosting financial inclusion and SMEs projects could raise growth rates of 3 percent in Arab countries in the coming three years and increase the availability of job opportunities by 1 percent annually, said Jihad Azour – IMF director for Middle East and Central Asia on Monday.

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