Emirates and Sudan Bank's private placement closes at USD85 million

Large institutions and Islamic banks from both countries have taken part in the private placement including Dubai Islamic Bank, Sharjah Islamic Bank, Abu Dhabi Islamic Bank (DIB), and Islamic Development Bank.

The bank also announced that its US$28.3 million initial public offering (IPO) will be open to subscription during mid May, 2005. Once the IPO is completed the bank will be the largest capitalized bank in Sudan with a paid-up capital of US$113.3 million, and an authorised capital of $200 million.

Mr. Saad Abdul Razak, member of the founders' committee, Chairman of the steering committee, CEO of DIB, said: "The strong response is a clear indication of the investors' confidence in the prospects for the economy of Sudan and their belief in the bank's ability to capitalize on emerging opportunities and will support the growth of the banking and financial sectors in Sudan."

The bank will use the latest available technology to offer a full range of innovative Shariah-compliant services and products that cater to the needs and requirements of its chosen market segments in the area of corporate and retail banking.

Emirates and Sudan Bank plans to quickly expand out of its Khartoum headquarters and create a network of branches throughout the country.

The bank has already put in place a professional management team and is planning to invest in developing and training local staff to service its imminent branch network.

Sudan's economic indicators are generally positive and forecasts for gross domestic product, balance of payment, balance of trade, exchange rates, and foreign investments suggest that the country is poised for an economic upswing, particularly after the latest developments to do with the signing of a peace treaty between the north and south of the country.

Sudan's vast oil and gas reserves have been attracting a considerable amount of attention and it has become a magnet for investors, businesses and financiers from all over the world.

Emirates and Sudan Bank intends to be on the forefront in offering Islamic banking solutions in Sudan's growing and rapidly changing marketplace.