Arab American Bank (AAB) marked the official opening of their Cairo representative office on 31 May, headed by Sherif Abdel Khalek. The office is poised to increase the bank’s core activities throughout the region. AAB concentrates on trade finance and foreign exchange dealings between the US and Middle East, but is also developing the investment advisory service, begun in 1994. AAB reported profits of $2.2 million in 1994, up 10 per cent on a year earlier.