Local banks urge Gulf investors to repatriate capital
Egyptian banks have recently embarked on a campaign to draw Saudi capital currently invested abroad back into the region by offering a generous 11 percent interest rate on deposits, reported Al-Hayat. There is currently $600 billion worth of Saudi capital deposited in accounts outside the region.
Saudi economists hope that 33-40 billion Saudi Riyals ($8-$11 billion) worth of national funds abroad will return to the Kingdom before the end of the year. Saudi bankers are doing their utmost to offer attractive incentives to those who currently prefer to invest overseas.
In the context of reduced investment since the September 11 attacks on the US, Saudi officials hope that the tense financial environment in the West will turn inwards the financial interest of estranged Arab investors. — (menareport.com)
© 2001 Mena Report (www.menareport.com)