Call for MENA Development Bank
At this week’s 4th Arabian Business Forum, the leaders of several major banks called for the Middle East to form a large bank to compete on the international level. While there are many smaller banks in the region, and a huge amount of wealth is amassed there, no “serious, global Middle East bank” exists, according to the CEO of Standard Chartered, V. Shankar.
Shankar also suggests that a regional development bank is necessary in the region, similar to Europe’s European Development Bank or Asia’s South Asia Development Bank. This would help fund the infrastructure projects that will also be necessary to usher the Middle East into global superpower status. About $1.5 trillion of projects are planned within the next few years.
At this week’s 4th Arabian Business Forum, the leaders of several major banks called for the Middle East to form a large bank to compete on the international level. While there are many smaller banks in the region, and a huge amount of wealth is amassed there, no “serious, global Middle East bank” exists, according to the CEO of Standard Chartered, V. Shankar. Shankar also suggests that a regional development bank is necessary in the region, similar to Europe’s European Development Bank or Asia’s South Asia Development Bank. This would help fund the infrastructure projects that will also be necessary...
At this week’s 4th Arabian Business Forum, the leaders of several major banks called for the Middle East to form a large bank to compete on the international level. While there are many smaller banks in the region, and a huge amount of wealth is amassed there, no “serious, global Middle East bank” exists, according to the CEO of Standard Chartered, V. Shankar.
Shankar also suggests that a regional development bank is necessary in the region, similar to Europe’s European Development Bank or Asia’s South Asia Development Bank. This would help fund the infrastructure projects that will also be necessary to usher the Middle East into global superpower status. About $1.5 trillion of projects are planned within the next few years.
