Kuwaiti banker 'upbeat' on medium term outlook 

(MENAFN - Arab Times) Chairman of the Union of Kuwaiti Banks (UKB) Hamad Al-Marzouq was on Friday upbeat about the outlook of the Middle East economies in the medium term thanks to the major role of the banking sector in economic recovery.

"The indicators, dating back to the pre-Arab Spring era, are encouraging and show that the economies of the region are poised to rebound," he said.
Al-Marzouk was addressing a panel discussion held in Beirut under the theme of "the role of the banking sector in economic growth in the region" on the sidelines of the 20th session of the Arab Economic Forum (AEF).

"The banking sector accounts for 61 percent of the total volume of financing for the regional economic projects or 1.3 trillion while the financial markets play a limited role," he pointed out. Al-Marzouq noted that the protectionist measures and controls applied by the central banks and monetary institutions particularly those relating to solvency prompt the banks to push up the interest rates on loans.

The two-day AEF, organized by Al-Iktissad Wal-Aamal group in collaboration with the Central Bank of Lebanon and the Association of Banks in Lebanon at the Phoenicia Hotel here under patronage of Lebanese Prime Minister Najib Miqati, has come to a close. It gathered more than 600 economic and financial decision-makers and notable bankers and businesspeople from 21 Arab countries including Kuwait Minister of Commerce and Industry Anas Al-Saleh who led his country's delegation to the event.