Business | Banking
Noor Islamic Bank opens office in Tunisia
Noor Islamic Bank PJSC (NIB) on Saturday announced the opening of a representative office in Tunisia to offer banking services in the North African countries.
- Staff Report
- Published: 15:59 June 21, 2008
Dubai: Noor Islamic Bank PJSC (NIB) on Saturday announced the opening of a representative office in Tunisia to offer banking services in the North African countries.
The regional office is located on Hadrumete Street, 2 Mutuelleville in the capital Tunis. It will focus mainly on investment and corporate banking, and will also channel investment opportunities from the Gulf Cooperation Council (GCC) into North Africa, including Egypt, Libya, Algeria, Morocco, Tunisia and Mauritania.
"The UAE is investing billions of dollars in Tunisia and North Africa as part of its commitment to drive economic growth in the Arab world. We would like to build on this legacy and sustain the synergy with the Tunisian government and institutions, and the North African region," said Hussain Al Qemzi, Group CEO, Noor Islamic Bank and Noor Investment Group.
The Tunisian economy has been growing at a steady rate and the Government of Tunis predicts an average growth rate of 6.3 per cent over the next decade. As the largest Arab investor in Tunisia and the North Africa region, the UAE's investments in the country have exceeded Dh81 billion ($22 billion).
Two-way trade between the GCC and North Africa has risen significantly in recent years. Noor Islamic Bank's representative office will act as a stimulant to the growing trade ties between the UAE and Tunisia. In addition, it will also look into further investment opportunities that will augment the Bank's returns while focusing on Islamic finance.
"Noor Islamic Bank will leverage its in-depth understanding of the North African market and the Middle East and North Africa (Mena) region to seek strategic opportunities and consolidate its status as one of the largest Islamic banking institutions. Our presence through the representative office will ensure steady regional expansion and enhance our reputation as a niche financial solutions provider," said Al Qemz Sadok Attia, a veteran banker with over 31 years of experience in Africa and the Middle East will lead NIB's operations in Tunisia.
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