The United Arab Emirates (UAE)’ Interbank Switch system was recently linked to Saudi Arabia’s banking network. The link makes it the first Gulf Cooperation Council (GCC) state to establish automated teller machine (ATM) connectivity with every GCC member country, reported Gulf News.
Established in 1997, the UAE Interbank Switch has been connected to Qatar, Bahrain, Kuwait, Oman and now Saudi Arabia. It now connects 840 ATMs within the UAE and some 850 ATMs through the GCC networks. Of the 46 banks in the UAE, 40 are linked to the system.
Established in 1981, the GCC seeks to strengthen cooperation in areas such as agriculture, industry, investment, security and trade, among its six members. GCC members account for 45 percent of the world's oil reserves and provide around 20 percent of the world's crude. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
