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


02/11/2009 00:00 AST

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.

Reuters
Qatar National Bank (QNB) - QNBK
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 139 29,619
DARALARKAN 6.27 119,154,209
SABIC 81.25 5,677,189
TAWUNIYA 92.84 269,681
RIBL 10.9 872,036
SIBC 12.43 94,492
AMLAK 1.32 12,016,114
Recent News

Zain Bahrain launches mobile deal for social media
Zain Bahrain, a leading telecom operator in Bahrain, has launched its new postpaid packages for mobiles, which allows customers to consume social media applications without any data charges beyond th

Sohar Aluminium achieves new production record
Sohar Aluminium, the nation’s largest non-hydrocarbon industrial venture, achieved a new production record in 2015 — one of a slew of operational improvements logged by the company last year. Alumini

Muscat Securities Market announces new sample of Sharia Index
Muscat Securities Market (MSM) has announced its new sample of MSM Sharia Compatible Index for the first quarter of 2015. New sample will be used with effect from Tuesday.

The circular of

Massive tourism hub at a cost of OMR390m coming up in Duqm
Permission to build a massive tourism hub with hotels, residential and commercial complexes and an amusement park has been granted to Al Khonji Real Estate and Development in Duqm by Special Economic

Brexit-related currency exposures minimal for Qatar banks
Qatari banks face “immaterial net exposures” to the Brexit-related currencies such as the pound and euro overall, according to QNB Financial Services (QNBFS). Brexit will have only “minimal impact

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

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?