A group of Arab Gulf and other Middle Eastern investors on Sunday declared a joint venture with Sudanese government bodies to establish Al Salam Bank in Khartoum with an estimated capital of $75 million.
Initial contributions from the investors are inclined to cover 75 per cent ($57 million). The remaining 25 per cent ($18 million) is to be raised by an initial public offering in Sudan and the AGCC countries, Al Khaleej Times reported. 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. 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 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, one of the UAE investors.
"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. (albawaba.com)
© 2004 Mena Report (www.menareport.com)
