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
SAGRINSURANCE 27.92 1,471,156
SABIC 66.71 9,783,428
ALMARAI 70.01 89,563
TAWUNIYA 75.98 74,500
RIBL 11.15 651,484
ADIB 3.43 2,968
JULPHAR 2.3 3,360
Recent News

Bahrain Duty Free net profit increases 4.4pc
Bahrain Duty Free Shop Complex (BDFSC) yesterday reported gross revenues of BD28,999,525 for last year, achieving a 3.3 per cent growth over BD28,079,807 in 2014.

Operating profit was BD5,

Zain Bahrain net profit up 24.3 per cent
Bahrain Bourse-listed Zain Bahrain yesterday reported an increase of 24.3 per cent in net profit at BD5.147 million ($13.616m) for the year ended December 31 when compared with BD4.142m in 2014.
<

Bahrain showcase for global firms
Leading industrial firms from across the globe are showcasing their products at this year’s Gulf Industry Fair (GIF), the specialist business-to-business industrial show in the Northern Gulf region,

MSM remains region’s best performing bourse
The Muscat Securities Market continues to be the best performing bourse in the region amid correction trend seen in other markets. MSM has shed just 0.14 per cent, as of Monday’s closing, since the s

50 local, foreign firms to take part in Arab Industries Exhibition
More than 50 local and foreign companies are participating in the Arab Industries Exhibition in Muscat, which aims to present industrial investment opportunities in Oman. The exhibition, running

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?