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Mon 30 Apr 2007 12:57 PM

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Banking on Sudan's economic revival

Qatar Islamic signs MoU ahead of $1bn Sudan bank startup.

Qatar Islamic Bank is considering opening a huge new bank in Sudan. QIB has signed a Memorandum of Understanding (MoU) to undertake a feasibility study into the establishment of a commercial and investment bank in Sudan, with a capital of US $1 billion, QIB CEO Salah Jaidah said.

The MoU was signed at the Doha conference on investment in Sudan, headed by Prime Minister and Foreign Affairs Minister HE Sheikh Hamad Bin Jassim Bin Jabor Al-Thani.

Strategic partners from Qatar and the Gulf would participate in the proposed bank which would constitute an added value to QIB's network of banks and finance houses abroad, said Jaidah.

He said that the bank had been encouraged by the significant changes in Sudan's economy in general, and in particular in its financial and banking sectors, as Sudan had begun to attract financial institutions from the Gulf and Asia.

Jaidah expressed his confidence that both the governor of Qatar Central Bank, HE Sheikh Abdullah Bin Saud Al Thani, as well as the Governor of the Central Bank of Sudan Dr. Saber Mohamed Al Hasan would endorse this project conveying his belief that it would consolidate the commercial and investment private sector's activity in Sudan. He said Sudan's resources sector also presented numerous investment opportunities.

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