Arab banks should take urgent measures to ensure stronger co-ordination so they can play an active role in the development of a new world economic order spawned by the current financial crisis, the top Arab banker has said.

World's 50 richest Arabs lose $25bn
by By Anil Bhoyrul and Andrew White on Friday, 12 December 2008

RICH LIST: The global financial crisis has led to the richest 50 Arabs losing $25 billion between them in 2008. (Getty Images)
The world’s 50 richest Arabs have lost a staggering $25 billion between them in the last year, as the global financial crisis sweeps through the region.

Dubai (Arabic: دبيّ‎; English pronunciation: /duːˈbaɪ/ doo-by) is one of the seven emirates of the United Arab Emirates (UAE). It is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi. Dubai and Abu Dhabi are the only two emirates to have veto power over critical matters of national importance in the country's legislature.