Foreign Banks Hold US$ 800 Bln Of Arab Funds: Economic Expert

Dr. Salah Gouda, Economic Adviser to the European Commission, stated that the value of Arab funds held by foreign banks is valued at US$ 800 billion, while the volume of trade among Arab countries does not exceed 3% of the total volume of their foreign trade, he added.

If 10% of these funds are invested in the Arab world, the Arab market will witness high growth rates ranging from 4% to 5% yearly and solve many pressing problems, he noted.

Arab countries need to create 25 million jobs by 2020; therefore, there is a need to foster cooperation and establish an Arab common market to achieve economic cooperation and integration among Arab countries, he concluded.