Arab Banks’ total Capitals hit US$336bn at end-2014 – Official

The total capitals of banks working in the Arab countries have reached US$336 billion at the end of 2014, the Chairman of Union of Arab Banks (UAB) Mohamed Barakat stated Tuesday. There are 400 banks operating in the Arab world.

During UAB’s ‘Financing for Development’ conference, Barakat noted that the Arab bank sector’s consolidated assets hit around US$3.1 trillion at the end of 2014, representing 110% of GDP of all the Arab states.

He clarified that the total amount of funds provided by UAB for public and private sectors estimated at US$1.64 trillion, while the consolidated deposits registered US$2.1 trillion at the end of 2014.

Moreover, the banking official has emphasised on the important role played by the Arab banks and its partnerships with public and private sectors to supply developmental finances vital to provide society’s needs and achieve sustainable development.