Sudanese banking sector is most developed in Arab world in 2016

The Sudanese banking sector was the most developed in the Arab region, registering a growth rate of 15.3% by the end of the third quarter of the year 2016, the Secretary-General of the National Fund for Housing and Development, Dr. Gholamuddin Othman, announced.
Dr. Gholamuddin Osman revealed, in statement to SUNA about the outcome of his participation in the Arab Banking Conference held in Jordan recently, that the Fund as a member of the Union of Arab Banks has received financial report on this regard from Dr. Mohamed Al-Jarrah, the Chairman of the Union on the evaluation of the performance of Arab banks during the year 2015-2016, pointing out that the report proved the progress of the growth of the Sudanese banking sector compared with Arab banks in this regard.
Dr. Gholamuddin congratulated the Ministry of Finance, the Bank of Sudan and the Sudanese banks on this achievement, pointing out that Sudan is proud of this report, which is a recognition of the right of the Sudanese banks by a specialized professional union. He expected continuation of banking sector's growth in the in Sudan during this year, particularly after the lifting of the US economic embargo on the country and its expected positive economic impacts, especially on the real estate investment.
Dr. Gholamuddin appreciated the efforts of the Union of Arab Banks and its role in promoting banking performance, pointing out the outcomes of the recent Jordan conference and the opportunities it has achieved to get acquainted with the banking performance and its challenges in the Arab world.
The Secretary-General of the National Fund for Housing and Development expressed his gratitude and appreciation to all the banks that contributed to the financing of the housing projects in the various states of Sudan, praising the efforts of all other partners of the fund including the state governments, funds, institutions and federations.
"The banking sector in Sudan is at the forefront of growth, followed by Qatar's banking sector, which grew by 13.5% by the end of 2016, he added.

Source: SUNA