H.E. Dr. Abdulrahman Bin Abdullah Al Hamidy, Director General and Chairman of the Board of Executive Directors of the Arab Monetary Fund (AMF) said the banking sector has strong solvency and liquidity, thanks to government support that helped it escaped the recent financial crisis unscathed.
The statement came on the sidelines of the IMF’s “Regional Economic Outlook for the Middle East and North Africa” Report at a media seminar held on Monday at Conrad Hotel-Dubai, in collaboration with The Dubai Economic Council (DEC) and Dubai International Financial Centre (DIFC).
Al Hamidy highlighted the strong link between Arab economies and the euro zone, saying that Arab countries need to create 28 million job opportunities in seven years in order to prevent a further rise in unemployment rates that currently stand at 17%.