Türkiye, as a member of the G20 and a developing economy, is drawing a lot of interest for investment from the Arab world, Secretary-General of the Union of Arab Banks Wissam H. Fattouh has said.

Fattouh, who attended the International Arab Banking Summit that kicked off in Istanbul on Thursday, said many Arab investors want to establish contacts with Turkish banks.

There are very strong investment and trade relations between Türkiye and the Arab world, and that is why the Arab banks have decided to hold the meeting in Istanbul, he said.

The two-day event, organised by the Union of Arab Banks was held under the auspices of President Recep Tayyip Erdogan.

Advanced in technology, digital banking

Fattouh emphasised that Türkiye's banking sector is very advanced, particularly in technology and digital banking.

"We will benefit from this experience and we have delegations coming from the Arab world to meet with Turkish banks," he added.

Stressing the importance of Türkiye’s geographical location between the Middle East and Europe, Fattouh said: "We were very keen on coming to Istanbul and holding this conference here, bridging this economic relationship between Türkiye (and the Arab world). "

"We have to understand the importance of Türkiye’s geographic location and high technology."

Participation banks

Touching on the Iraq-Türkiye Development Road project, he said that the project is very important. It can create many jobs and may change trade trends, he added.

Fattouh also pointed out the rapid growth of participation banks in the MENA region.

“There have been great developments in participation banking in the region and we have witnessed their development in Türkiye as well,” he said.

He added that the total assets of Arab participation banks have reached around $1 trillion.