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.
QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, has reported a 7% jump year-on-year in net profit to QR6.7bn in the first half of this year. The January-June
Qatar National Bank said it expects to meet its earnings targets as the ongoing Saudi-led campaign to ‘isolate’ the country has minimal impact on its operations.
The Middle East’s largest le
Qatar National Bank (QNB), the largest bank in the Middle East and Africa, has seen no significant outflows of deposits since a diplomatic rift started between Qatar and certain other Arab countries,
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