Jordan

It has also continued to boost profits with a 24.1% increase in net profits in 2007 to $775m producing an 11.1% return on equity.

The banking group has upgraded its technology and operations platform while expanding the scope of existing hubs in the Gulf and Jordan. It has started work on integrating a recent acquisition, Wahda Bank of Libya, into the group, while looking to extend its reach to nascent markets with large potential such as Syria. The group has also established Europe Arab Bank in London to keep on top of developments in the international banking industry.

With total assets at the end of 2007 of $38.3bn and Tier 1 capital of $4.9bn, Arab Bank is not only the 152nd largest bank in the world but is also one of the highest rated in the Arab world, with conservative management and relatively unaffected by the US subprime crisis. The bank has participated in funding major strategic projects in oil refining and infrastructure as well as housing and is expected to further extend its global strategy based on prudent policies.