The Sharjah government has acquired a major stake of 50.07% in Invest Bank in a transaction valued at AED 1.12 billion. In addition, the bank has appointed a new chairman. The bank's shareholders also passed a special resolution to increase the bank's share capital for all shareholders to be underwritten by the Sharjah government up to a certain amount. Sheikh Sultan bin Ahmed Al Qasimi was appointed as the new chairman of the bank, replacing Omran Abdulla Omran Taryam, who has been appointed as vice-chairman. Ahmed Al Qasimi currently serves as chairman of several private and public sector entities, including the Sharjah Media Corporation, Sharjah National Oil Company and Tilal Properties.