A far cry from U.S. banks: Arab bank assets hit $2 Trillion

Arab bank assets to hit $2 trillion this year. (Getty Images)

Arab bank assets for the first time top $2 trillion at the end of December 2007 as Middle East and North African economies expand, and the banks lender more, the Union of Arab Banks said.

Combined, lenders from Morocco to Oman are likely to post a 25% increase in profit this year to $32 billion, Adnan Yousif, chairman of the union, told reporters in Dubai on Wednesday.

“The banks are doing very well because of liquidity, and the growth and expansion of economies,” said Yousif. “You have to have cash for this.”¬† The union, whose members include 400 financial institutions, coordinates activities between Arab financial services firms and acts as a consultant to the industry. (Reuters)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s