Kuwait will propose Arab states  create an up to $7 billion fund to support Arab companies amid the global financial crisis, a newspaper said on Thursday.

The Kuwait Times, citing ruler Sheikh Sabah Al-Ahmad Al-Sabah, said details will be discussed at an Arab economic sumit in Kuwait next week. The newspaper said the fund would be worth between 500 million dinars to 2 billion dinars.

Arab leaders are set to meet in Kuwait to discuss the impact of the global crisis and also possible reconstruction aid for Gaza after a nearly three-week Israeli offensive. - Reuters