In April this year, the Sharjah government acquired a majority stake of 50.07 percent in Invest Bank for AED1.12bn ($305m) and appointed a new chairman – Sheikh Sultan Bin Ahmed Al Qasimi, a member of the Sharjah ruling family. The move came after the bank was hit by high levels of non-performing loans, in part because of its exposure to the real estate and construction markets. Invest Bank has 15 branches across the UAE.