Middle East and Africa: Best Local Bank in the Region for BRI 2017
Arab Investment Bank
China is keen to explore Belt and Road Initiative opportunities and projects in the Middle East and Africa and is becoming more active in the region.
Middle Eastern and Gulf banks, however, have so far been reluctant to get involved, wary of currency risks and volatile oil prices.
One bank that is showing interest mixed with caution, however, is Arab Investment Bank, which wins the award for best local bank in the Middle East and Africa for BRI this year.
Arab Investment Bank signed a cooperation protocol with China’s Tianjin Economic-Technological Development Area Corporation (TEDA) this year to expand projects and promote investment opportunities in the Suez Canal Economic Zone (SCZone).
TEDA is one of the oldest and largest industrial developers of the SCZone, a trade hub along the banks of the newly expanded Suez Canal.
Arab Investment Bank also plans to sign a cooperation agreement with the Suez Industrial Development Company (SIDC) to offer banking and finance services to the company and buyers of units in the industrial zone in the Gulf of Suez.
Arab Investment Bank is positioning itself as a player in the region, especially as China ramps up investment. Egypt boasts strong ties with China: the volume of trade between China and Egypt hit $11.3 billion, making Egypt China’s third-largest trade partner on the continent.