Qatar's QNB bank to expand presence in Sudan: paper


02/11/2009 00:00 AST  Reuters

The Islamic arm of Qatar National Bank (QNB) will add a further 10 branches to its network of five branches in Sudan, a Sudanese official was quoted as saying on Monday.

Ahmed Shawar, secretary-general of Sudans investment authority, made the comments at a news conference in Khartoum, Qatars al-Sharq daily reported.

QNB, in which Qatars sovereign wealth fund owns a 50 percent stake, said in November it was targetting surging demand for Islamic banking in the country.

Fuelled by an almost four-fold rise in oil prices since 2002, lenders in the Gulf Arab region have being expanding overseas as they face increasing saturation in their home markets.

QNB operates in 22 countries besides Qatar, spanning Iran to Singapore, either through branches or stakes in banks.

It has a 50 percent stake in the Tunisian-Qatari bank and bought a 23.8 percent stake in the United Arab Emirates-based Commercial Bank International. It has a 33.2 percent stake in Jordans Housing Bank for Trade and Finance.

Shares of Qatars largest lender were up about 3 percent at 0749 GMT outperforming the main index.

Bank officials were not immediately available for comment.

Shawar said another Qatari bank, which he did not name, has obtained approval to begin operations in Sudan.

Qatar companies have been ramping up investment in Africas largest country in recent weeks seeking opportunities across all sectors.

Hassad Food, owned by Qatars sovereign wealth fund, said last week it had signed a deal worth potentially $1 billion to develop land in Sudan .

The property arm of the Qatar Investment Authority said on Sunday it was also progressing with the construction of a new real estate project in the African country estimated at about $400 million.

Qatar National Bank (QNB) - QNBK
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT
Most Viewed Companies
Ticker Price Volume
SPIMACO 45.86 428,866
EMAAR 10.3 11,369,691
ALKHODARI 65.92 4,110,576
RIBL 20.14 1,028,811
SABIC 115.42 6,037,734
SORAYAI 21.59 654,998
SECO 17.47 3,186,647
Recent News

Sabic-Shell scrap Jubail plant plan
Saudi Basic Industries Corporation (Sabic) and Royal Dutch Shell have shelved plans to expand an existing petrochemical joint venture in Saudi Arabia as the results of feasibility studies were not en

Petchem delegates explore sustainability challenges
GCC petrochemical companies are being urged to educate their staff to enable them to work around sustainability challenges.

Energy companies embarking on conservation efforts will benefit fr

Al-Tayyar Travel Group Q3 profit rises 13.5%
Saudi Arabia’s Al-Tayyar Travel Group posted a 13.5 percent rise in third-quarter net profit rise, slightly below analysts’ forecasts, as sales increased.

The company made a net profit of SR

Jarir proposes Q3 dividend of SR1.8 per share
Saudi Arabia’s Jarir Marketing Co. has proposed a third-quarter dividend of SR1.8 per share, the retailer said in a statement.

This is slightly above the dividend of SR1.67 per share the com

Al-Khodari may double capex to handle big projects
Major Saudi Arabian construction firm Abdullah Abdul Mohsin Al-Khodari and Sons says it may double its capital spending in coming years to cope with the work it hopes to do on the country’s big infra

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?