TEHRAN – The branch of Bahrain’s Futures Bank will be inaugurated on Kish Island, southern Iran, in the near future, said the managing director of the Kish Free Zone Organization (KFZO) on Wednesday.

Majid Shayesteh added that Futures Bank, a joint Iranian-Bahraini initiative, was formed by two Iranian banks, Melli and Saderat, and the Bahrain-based Ahli United Bank.
The branches of 52 domestic and two foreign banks are already active in the country, he said.
Iran-Europe and Standard Charter are the two active banks on the island, the official said.
Attending the opening ceremony of the Fifth Exhibition of Free and Special Economic Zones in Kish, Shayesteh added that the zones play a great role in creating job opportunities.
According to the International Labor Organization (ILO), over 50 million people are working in the world’s free zones.
Underlining the zones’ potentials for investments, the official said that more than $320 billion was invested in free zones in 2005.
Kish, a resort island in the Persian Gulf, is a part of the Hormuzgan Province of Iran. Due to its free zone status, it is touted as a consumer's paradise, with numerous malls, shopping centers, tourist attractions, and resort hotels