Arab banks profits set to rise
The President of the Arab Banks Union Adnan Yousif said Arab banks will post a growth rate of at least 15% in their combined budgets for 2010. He also predicted a profit of US$ 35 billion.
Yousif projects positive developments for 2011. According to him, an increase of some 13% to US$3.1 trillion will be posted in 2011.
He attributed this positive trends to the performance of the big banks in the Gulf region. "2011 will witness an unprecedented financing levels from banks for projects," he said.
Yousif stated that the GCC economies will witness great strides during the three years from 2011 to 2013, because of the economic policies practiced by governments to pump money into markets.