Investing in Sudan

Sudan has a formal but fragmented investment system. The main institutions are the Ministry of Investment and International Cooperation, state investment commissions, the Central Bank of Sudan (CBOS), the Financial Markets Authority (FMA), the Khartoum Stock Exchange (KSE), the Commercial Registrar, the Taxation Chamber, Customs and sector regulators. Their responsibilities differ by investment type, state, sector and security zone. A direct project normally requires a feasibility study, an investment licence, sector and state approvals, land or project allocation, registration, customs and tax procedures, and customer-identification checks. Relevant sectors include agriculture, livestock, mining and gold, manufacturing, infrastructure, energy and solar, transport, telecommunications, services, health and tourism. Foreign and domestic investors receive equal treatment in principle under the Investment (Encouragement) Act 2021, but the special investment list can restrict some sectors or activities for foreign capital. The Act's foreign-investor licence commitment is reported as at least US$250,000, while CBOS Policy Circular 7/2022 separately uses a US$50,000 minimum for registration of foreign capital or foreign loans and requires registration when foreign participation exceeds 10%. These thresholds serve different purposes and cannot be exchanged. Evidence can include SWIFT or bank foreign-exchange-sale records, import forms for machinery and certified statements for external services. Formal securities access runs through the KSE and a listed broker or financial investment institution. A subscription centre may be used for a public offering, and secondary-market access depends on the latest exchange arrangements. The KSE announced the resumption of trading on 1 September 2026 at its Khartoum headquarters under an FMA order and published a daily bulletin on 13 September 2026. Current trading hours, order types, settlement cycle, fees and tradable securities require confirmation from the latest KSE or FMA information. The reviewed information does not establish a standardized online brokerage, investor-ID, central-securities-depository or remote-custody process, so the broker or FMA should confirm the exact custody and settlement path. Possible instruments include public-company shares, documented sukuk, investment certificates and approved fund or unit offers, including the FMA-approved Khartoum International Airport Fund subscription. A broad local equivalent of exchange-traded funds, derivatives, margin trading, short selling, algorithmic trading or crypto-asset products has not been established in the reviewed evidence. Direct projects and operating businesses therefore remain more prominent practical routes than diversified retail-market products. Foreign-currency accounts, sometimes called الحساب الحر بالنقد الأجنبي, may support foreign-exchange transactions through licensed banks and CBOS registration. Registered foreign capital and profits are generally eligible for repatriation in principle, but approvals, audited accounts, tax or zakat clearance and supporting documents apply. Dividend remittance can require company registration, proof of registered foreign capital, audited accounts, a distributable-profit certificate and approval by the general assembly. Changes to a project, disposal or pledging of land, ownership transfers and dissolution can also require approval. Investors should separate a liquidity reserve from operating or project capital and track exposure to the Sudanese pound, foreign-exchange convertibility, issuer concentration, custody, security corridors and exit timing. Foreign currency, gold, agricultural or operating assets can support value preservation or production exposure, but gold and mining investments add licensing, provenance, smuggling and anti-money-laundering risks. Land is not automatically passive freehold property; title, lease rights, customary use, community claims and state competence require verification. The risk level is unusually high. Conflict, physical insecurity, bank or payment outages, currency depreciation, inflation, market suspension, limited liquidity, weak price discovery, regulatory implementation gaps, expropriation, insurance-enforcement problems, fraud, corruption and sanctions can reduce or prevent an exit. The World Bank reported real GDP declines of about 29.4% in 2023 and 14% in 2024, with an estimated 3.1% increase in 2025 from a low base, while inflation reached about 68% in December 2024. OFAC Sudan and Darfur sanctions programmes remain relevant, so investors need transaction-specific sanctions, source-of-funds, beneficial-ownership and counterparty screening. There is no reliable single current public fee table for Sudanese investing. Costs can include licences and registration, brokerage, exchange and settlement, bank foreign-exchange spreads, audit and legal work, land, customs, insurance, tax or zakat, compliance and repatriation. Timing depends on the project, state, sector, approvals, security conditions and banking access. Investment returns, liquidity and capital recovery are not guaranteed.