QIB to finance the construction of Tadamon Islamic Bank Tower in Sudan for USD 13 million

The project worth to be USD 13 million (QR 47.4 million) will be financed by QIB. This is the first commercial contract QIB has signed outside the State of Qatar.

The new tower, which will be completed in the coming two years, will consist of 17 stories and will occupy an area of 14,000 sq.m.

By financing the new tower of Tadamon Islamic Bank in Sudan, QIB expects to enhance its financing portfolio outside the State of Qatar.

It will also boost its international presence, especially since Sudan is one of the fast emerging markets in the region that is attracting the attention of many financial establishments in the GCC and the Arab world. QIB already has established relationships with many Sudanese banks and is actively participating in the financing of various investment activities in co-operation with Islamic Bank for Development and other financial establishments operating in the region.

This contract is a reflection of QIB's ongoing strategy to explore promising opportunities in Sudan. In May this year the Bank signed a Memorandum of Understanding (MoU) with the Central Bank of Sudan to conduct a feasibility study for establishing a multi-million Dollar bank in the Republic of Sudan.

The proposed bank will have an approved capital of US$ 1 billion and a paid-up capital of US$ 500 million. Strategical partners from Qatar and other countries in the region will participate in this project. A specialised company is presently preparing the financial plan for the establishment and operation of the new bank. Invitations were extended to Qatari financial establishments, leading entrepreneurs and businessmen to participate as founders of the Bank. This move is in line with an emerging trend among established Qatari companies like Qatar Diar and Barwa to explore investment opportunities in Sudan.

QIB is presently recognised as the pioneer of Islamic banking in Qatar and is the fifth largest Islamic bank in the world. Over the years, the Bank has established a dominant international presence through its international financing activities and by establishing financial houses in markets outside Qatar.

QIB's presence in international markets include the Arab Finance House in Lebanon, Asian Finance Bank in Malaysia, QINVEST in Qatar Finance Centre, European Finance House in London (to be opened before the end of this year), Gulf Finance House in Bahrain, Tadamon Islamic Bank in Yemen and Solidarity Family Islamic Insurance Co. in Bahrain. The Bank has also introduced a series of real estate funds in Europe and USA. Plans are presently underway to establish new finance houses in Pakistan, Asia and North Africa.

The agreement was signed, on behalf of QIB, by Mr. Ahmed Karrar, GM, Operating & IT and Mr. Motaz Saqer, Senior Executive Manager, International Investments. Mr. Ibrahim Al Jaidah, Managing Director of AEB signed the agreement on behalf of AEB. Mr. Sabah Al Bader, AGM, Real Estate; Eng. Mohd. Al Afifi, Deputy Manager, Real Estate Dept. and Eng. Zahed Basher also attended the signing ceremony.

Arab Engineering Bureau (AEB) was established in 1966 as the first Engineering office in Qatar and has evolved into what can truly be described as a multi-disciplinary international consultancy. Having completed over 1000 projects, they are the leading architectural and engineering consultancy in Qatar and one of the largest in the region having designed many landmark, award winning projects from private villas to luxury resorts to commercial offices.

The Headquarters for Al Tadamon is the latest AEB project for the financial services sector as they have so far been involved in designing many of the Headquarters, branches and towers for the leading names within this sector in Qatar, including the tower for the Qatar Financial Centre. Having recently entered the Sudanese market they have already completed the Embassy of Qatar in the Capital as well as being involved in a number of large scale projects which are currently in the design stage. It is intended that they will open an office in Sudan in the coming months.