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Middle East investors to set up $75 million bank in Sudan

DUBAI - A group of AGCC and Middle Eastern investors yesterday announced a joint venture with government organisations in Sudan to set up the Al Salam Bank in Khartoum with an estimated capital of $75 million.

Initial contributions from the investors are expected to cover 75 per cent ($57 million). The remaining 25 per cent ( $18 million) is expected to be raised by an initial public offering in Sudan and the AGCC countries. The IPO will be offered to the public with a face value of $1 per share.

UAE investors represent a significant proportion of the initial capital investment in the bank with the investor including names like Amlak Finance, a subsidiary of Emaar Properties and other business houses and individual investors.

Other leading names in the investors' list include Lebanese Canadian Bank, individuals and investors from Saudi Arabia, Jordan and Lebanon. The National Pensions Authority of Sudan and State of Khartoum represent the interests of the Sudanese Government.

The Press conference at Khartoum to announce the new bank was attended by Hussain Al Meeza and Mohammad Omair bin Yousif who represented the UAE investor group. "The establishment of Al Salam Bank with the active involvement of so many Arab organisations and individuals is a significant testament of the growing commitment of Arab businesses to make Arab economic integration a reality, " said Hussain Al Meeza.

"Through the launch of Al Salam Bank, we aim to enhance and highlight the intra-Arab investments in the Middle East and North Africa region, in addition to contribution to the development of the banking sector in Sudan through working on sharing experiences and established best practices in this field," he added.