Here's a roundup of key developments across the OIC ecosystem during the month of October

Editor's note: Agreements and collaborations have kept the GCC humming. The UAE concluded negotiations for a free-trade agreement with Malaysia, in an attempt to reduce tariffs, trade barriers and boost private sector cooperation. Saudi is exploring trade and investment opportunities with Egypt, and is looking to enhance its trade partnership with Oman. 

Trade Developments

Saudi Arabia / Egypt

Egypt, Saudi explore opportunities to boost trade, investments

Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, met with Saudi Arabia’s Deputy of the General Authority for Foreign Trade, Abdulaziz Al-Sukran, to explore strategies for boosting economic cooperation between the two nations.

El-Khatib highlighted the strong bilateral relationship and the potential to significantly increase trade and joint investments. He commended the efforts of Saudi officials in securing an investment protection agreement. (Zawya)

UAE / Malaysia

UAE, Malaysia conclude negotiations towards CEPA

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Malaysia’s Minister of Investment, Trade and Industry, Zafrul Aziz, announced the completion of negotiations for a comprehensive economic partnership agreement (CEPA) between the two countries.

The deal aims to reduce tariffs, remove trade barriers, and boost private sector cooperation. In 2023, bilateral non-oil trade reached over $4.9 billion, with a 7% increase in early 2024. (Zawya)

Saudi Arabia / Oman

Saudi Arabia, Oman to enhance trade and economic partnership

Saudi Arabia and Oman discussed strengthening their economic partnership, with trade between the two nations reaching 36.8 billion Saudi riyals and Saudi exports to Oman totaling 22.5 billion Saudi riyals.

The discussions occurred during Omani Minister of Economy Dr. Said Al-Saqri's visit to the kingdom, where he met with Saudi Minister of Commerce Dr. Majed Al-Qasabi. The meeting highlighted efforts by GCC countries to boost regional and external trade. (Saudi Gazette)

Qatar / Uzbekistan

Qatar, Uzbekistan chambers discuss enhancing commercial ties

Qatar Chamber’s first vice-chairman, Mohamed bin Towar al-Kuwari, met with Uzbekistan Chamber of Commerce and Industry deputy chairman, Safarov Umidbek Akbarovich, to discuss enhancing cooperation and boosting trade between the two countries.

The meeting explored investment climates and partnership opportunities for Qatari and Uzbek business owners. Al-Kuwari emphasized Qatari businessmen’s interest in Uzbekistan and the chamber’s commitment to encouraging joint ventures. (Gulf Times)

Qatar / Tajikistan

Qatar, Tajikistan review trade, investment ties

Qatar's Minister of Commerce and Industry met with representatives from Tajikistan, Pakistan, and Iran, discussing enhanced cooperation in trade, investment, and industry.

The meetings were held in conjunction with the Asian Cooperation Dialogue's forum.

The focus was on supporting and developing these sectors, with exchanges on the forum's agenda topics. (Zawya)

Here's a roundup of key developments across the OIC ecosystem during the month of September

Editor's note: This month saw Oman and Bahrain finalize a joint investment company to enhance private sector collaboration, while the latter partnered with EaseMyTrip to promote its attractions. 

Pakistan and Uzbekistan aim to shore up bilateral trade turnover to $1 billion, expanding economic cooperation. Additionally, Togo’s membership in ICIEC will open new investment avenues.

Trade Developments

Turkmenistan/Malaysia
Turkmenistan, Malaysia forge stronger bilateral relations

A meeting between Turkmenistan’s foreign minister Rashid Meredov and Malaysian minister Utama Haji Mohamad Bin Haji Hasan underscores a commitment to enhancing bilateral relations based on mutual respect and shared interests.

The discussions focused on strengthening political and diplomatic cooperation within international frameworks like the UN and OIC.

Both sides expressed alignment on various regional and international issues, exploring opportunities to boost trade, economic ties, and collaboration in science, culture, and tourism. (Ministry of Foreign Affairs of Turkmenistan)

Uzbekistan/Pakistan
Uzbekistan and Pakistan set $1bn trade target

A meeting between Uzbekistan’s acting foreign minister Vladimir Norov and Pakistan’s ambassador Syed Ali Asad Gilani emphasized the strengthening strategic partnership between the two nations. 

Key discussions focused on upcoming meetings, coordination within organizations like the UN and OIC, and a shared goal to increase trade turnover to $1 billion.

This commitment to expanding economic cooperation reflects a proactive approach to enhancing mutual prosperity and connectivity. (Kun.UZ)

Ghana, Burkina Faso

Ghana, Burkina Faso strengthen cross-border cooperation

The validation of a cross-border cooperation agreement between Ghana and Burkina Faso marks a pivotal step in enhancing relations and collective development.

Aligned with the African Union's Border Governance Strategy, the initiative aims to transform borders into bridges, fostering cooperation among border communities for mutual prosperity.

Both nations reaffirm their commitment to effective governance and sustainable development in their border regions, reinforcing international boundaries inherited from colonial times.(Ghana Business News)

Togo

Togo joins ICIEC, enhancing economic ties

Togo has officially become the 50th member of the Islamic Corporation for the Insurance of Investments and Export Credits (ICIEC), marking a milestone for both the nation and the organization.

The membership enhances cooperation within the Organisation of Islamic Cooperation (OIC) and opens new avenues for Togo's economic development.

By adopting Shariah-compliant insurance solutions, Togo aims to stimulate investment and trade, strengthening its economic resilience and attracting foreign direct investment.

The integration reflects growing confidence in the ICIEC as a key player in Islamic finance, promising support for sustainable development in the region. (APA News)

OIC 

OIC member states forge agreements 
During the 50th session of the Organization of Islamic Cooperation (OIC) Council of Foreign Ministers, significant progress was made with the signing of multiple agreements.

Countries including Gabon, Mauritania, Burkina Faso, Niger, Chad, and Gambia committed to various statutes, focusing on anti-corruption, youth support, and preferential trade systems.(OIC Council of Foreign Ministers)

Oman, United Kingdom

Oman, UK strengthen trade and investment cooperation

A meeting between Oman’s Minister of Commerce, Qais Mohammed Al Yousef, and UK Minister Douglas Alexander has marked a significant step towards enhancing bilateral cooperation in trade, industry, and investment.

The discussions focused on advancing negotiations for a free trade agreement and increasing intra-trade and investment exchanges. (Oman News Agency)

Investment

Oman
Oman, Bahrain Chambers finalize joint investment company

The Oman Chamber of Commerce and Industry (OCCI) and the Bahrain Chamber of Commerce and Industry have finalized the establishment of a joint investment company.

The joint venture aims to foster private sector projects in both nations, with a focus on economically viable sectors like food security and logistics in Oman. The new company will have an issued capital of 10 million Omani riyals. (Times of Oman)

Qatar
Qatar Investment Authority expands focus in Asia-Pacific

The Qatar Investment Authority (QIA) is ramping up investments in Australia, Korea, and Japan. Managing approximately $526 billion in assets, QIA plans to hire more staff in these markets and explore investment opportunities, including private equity in Japan and technology in India.

The strategy highlights QIA's commitment to diversifying its investments and solidifying Qatar's status as a major global investor. (AJP News Agency)

Oman
Oman Investment Authority merges Nitaj and FDO to strengthen food security

The Oman Investment Authority (OIA) has merged Oman Food Investment Holding Company (Nitaj) and Fisheries Development Oman (FDO) to enhance the country's food security sector.

This strategic move aims to improve operational efficiency, product quality, and cost optimization, aligning with Oman Vision 2040.

The merger will streamline value chains and procurement processes, fostering revenue growth while ensuring transparent communication with employees and financial institutions.  (Zawya)

Regulatory

Afghanistan/Turkey
OIC, Turkey reaffirm commitment to Afghan support

A meeting between the OIC's special representative and Turkey's deputy foreign minister has reinforced a commitment to supporting the Afghan people amid ongoing challenges.

Discussions centered on critical issues like girls' education, women's rights, and counter-terrorism efforts, highlighting the importance of constructive dialogue with Afghanistan's interim government.

Collaborative efforts among OIC member states are crucial for fostering stability and meaningful support in the region. (Tolo News)

Company News

Bahrain
Bahrain Tourism Authority collaborates with EaseMyTrip to beckon Indian tourists

The Bahrain Tourism and Exhibition Authority (BTEA) has partnered with EaseMyTrip to promote Bahrain as a premier travel destination for Indian tourists.

This collaboration aims to showcase the country’s rich cultural heritage, modern attractions, and exceptional hospitality through EaseMyTrip’s extensive network.

Highlights include Bahrain's historic sites, the Exhibition World Bahrain, and the Al Dana Amphitheatre. BTEA's CEO emphasized the importance of India as a source market and the partnership's potential to strengthen Bahrain's appeal to Indian travellers. (Indian News Calling)

Operational Developments

Bangladesh

Sonali Bank partners with Bangladesh Tourism Board for streamlined payments

Sonali Bank has signed an agreement with the Bangladesh Tourism Board to facilitate the collection of charges and fees from tour operators via the Sonali Payment Gateway (SPG). 

The partnership aims to streamline payment processes within Bangladesh's tourism sector. (Financial Express)

Bangladesh
BRAC launches initiative for eco-friendly tourism

BRAC has unveiled "Otithi," a new initiative developed with the Bangladesh Tourism Board (BTB) to promote community-based and eco-friendly tourism.

The project emphasizes environmental conservation and aims to highlight local cultures across Bangladesh. By engaging communities, "Otithi" seeks to showcase the country's cultural diversity and lesser-known attractions to both local and international audiences. (Business Standard)

Oman
KitchenomiKs and Oman Tourism College team up to empower local talent

KitchenomiKs, a foodtech company in Oman, has signed a Memorandum of Understanding (MoU) with Oman Tourism College to enhance hospitality students' skills and promote careers in the sector.

The two-year collaboration will provide students with training and work experience, equipping them with essential industry skills.

The partnership aims to develop new courses and refine existing ones, fostering local talent in line with the In-Country Value program.

Established in 2022, KitchenomiKs operates over 12 food and beverage brands across Oman. (Zawya)

Saudi Arabia is expected to witness a pick-up in construction for its Vision 2030 projects and the services sector, underpinned by consumer demand and a growing workforce, S&P said in a report. 

The sheer scale and size of projects - estimated to be exceeding $1 trillion - suggest large funding requirements across government and government-related enterprises, particularly the Public Investment Fund (PIF). 

Therefore, the government is recalibrating to prioritize projects based on economic returns and reassessing timelines to avoid economic overheating and funding pressures, the report said. 

“We therefore project a more gradual execution of investments, and that the government's net asset position will gradually fall, but remain comfortably strong, through to 2027,” S&P said. 

S&P Global Ratings revised its outlook for the kingdom to positive from stable and affirmed its 'A/A-1' long- and short-term foreign and local currency unsolicited sovereign credit ratings. 

However, over the longer term, Saudi Arabia will likely emerge as a more diversified economy, with more jobs created for broader workforce participation, S&P said. 

The non-oil sector – including government activities – account for about 70% of the kingdom’s GDP. 

While debt will fund a considerable part of the kingdom’s development, foreign direct investment and portfolio inflows are expected to gradually increase from a low base. 

The newly passed investment law, effective from February 2025, seeks to achieve parity between domestic and foreign investors and ease rules and regulations to make foreign investment more attractive. 

Moreover, the government is encouraging the kingdom's large firms to increase investments in the local economy to about $1.3 trillion by 2030 via the Shareek program.

Despite the non-oil growth momentum, lower oil production because of OPEC+ production cuts will drive economic expansion of just 1.4% in 2024, from a 0.8% contraction last year. 

Given weak global oil demand, especially from China, and increasing crude oil supply from non-OPEC+ countries like the US and Canada, 
Saudi Arabia and OPEC+ decided to extend the existing production cuts until the end of November, gradually easing them through to November 2025.

The kingdom promised additional voluntary cuts in excess of the OPEC+ quota. 

“We estimate Saudi oil production will average 9.0 million barrels per day (bbl/day) in 2024, down from 9.6 million bbl/day in 2023. Oil production should then increase in line with higher global demand from next year,” the report said. 
 

Turkish president Tayyip Erdogan has said that Israel will not stop in Gaza and will move to occupy other territories should it continue its operations. 

The comments by the Turkish premier came on Saturday following the killing of Aysenur Ezgi Eygi, a Turkish-American activist, at the hands of Israeli forces a day earlier. 

Erdogan warned that Israel will not stop in Gaza, and if it continues its current actions, it will move on to occupy Ramallah and then set its sights on other regions. 

"Lebanon and Syria will be next... They will covet our homeland territories between the Tigris and the Euphrates," he added. 

Ramallah is a Palestinian city located in the central West Bank of Israel 10 miles north of Jerusalem. It serves as the de facto administrative capital of the Palestinian National Authority. 

Erdogan said that now Israel aims to commit genocide in both the West Bank and Gaza and to occupy these areas as well, Turkiye’s state run Andalou Agency reported.  

“They (Israel) heinously murdered our young child, Aysenur Ezgi Eygi. To date, they have killed over 40,000 innocent civilians, including 17,000 children,” Erdogan said. 

Eygi was shot dead by an Israeli snipper while participating in a protest against settlement expansion in the town of Beita, near Nablus in the northern West Bank.

Standing against Israel's state terrorism is an Islamic duty, and also a national issue, the president said.

Erdogan said that both within Türkiye and in some Islamic countries, there is a misconception that this issue is distant from them, which he believes is a serious mistake.

"All Islamic countries should adopt a unified stance against the uncertain extent of the Israeli occupation," he added. 

A total of 186,000 or more deaths could be attributable to the Gaza conflict, a study published in medical journal Lancet has revealed. 

According to the Gaza health ministry, as of June 13, 2024, a total of 37, 396 people had been killed in the Gaza Strip since last October’s attack. 

The study revealed that armed conflicts have indirect health implications beyond the direct harm from violence and that the total death toll is expected to be large given the intensity of the Gaza conflict. 
 

More than 11,000 athletes convened to compete at the Olympics this year.

The event, which was held from July 26 until August 11, garnered millions of spectators and billions of viewers worldwide. 

Athletes represented their National Olympic Committees (NOCs) at the Olympics, attached to the countries or territories of their origin. This year, there were 206 such committees. 

The United States registered the most towering presence at this year’s event, with 623 athletes. Running it close was France with 601 participants, followed by Australia (477). China sent 398 participants. The US bagged the most medals (126), followed by China (91), Britain (65), France (64), and Australia (53). 

The Organization of Islamic Cooperation (OIC), which consists of 57 countries, registered a moderate presence at this year's event.

A contingent of 1,180 OIC athletes participated this year, making up just over 10% of the total participating cohort. They had a paltry 81 medals to show for it, led by Uzbekistan whose athletes bagged 13 medals, followed by Iran (12) and Turkiye (8). 

This makes for grim reading by any account and raises more questions than it answers. 

The lacuna between OIC countries versus high-flying nations lays bare the gap in sports investments and inclusion on a policy, socio-economic and state level. 

“Preparing better athletes to compete in international competitions may not be a priority if the country is struggling to combat poverty, malnourishment, and other menaces. In that case, athletes will not be having sufficient government support, and they may rely mostly on individual efforts. A notable example worth mentioning is Pakistan's Arshad Nadeem, who was training on his own, and won a gold medal in the Paris Olympics 2024, breaking the Olympic record in javelin throw,” Sary Mahmoud Farah, school administrator and basketball coach at Nobles International School, tells Salaam Gateway.  

“OIC developing countries need to fulfil the citizens' basic needs first, and then move up to the level in which they can pave the way for local athletes to develop by providing them with proper moral and financial support.”

According to the 2023 Global Hunger Index (GHI) scores, almost 40% of the 57 OIC countries have moderate, serious or alarming levels of hunger. Of the nine countries with alarming levels of hunger on the index, three are OIC states, namely Niger, Somalia and Yemen.

The Great Sports Continuum
So, what have developed countries, such as the US, China and France, done so conspicuously right?

A 2022 UN reports reveals that France integrated sport and development into its roadmap for the 2030 Agenda and created an inclusive sports policy arm in its development cooperation framework. Italy has also integrated sport into its international development cooperation. In China, the draft for the five-year plan (2021–2025) for its national economic and social development and Vision 2035 includes policies to leverage sport for socioeconomic development. 

“Developed nations such as Australia and the United States are high performers in the Olympics because they [have] institutional systems from school age that train and build the best athletes in the world. In Australia alone there are multiple high performing sports schools besides elite schools also pushing their students to compete professionally. These then culminate in the best going to the Australian Institute of Sport where they are accelerated in their performance - through a science based institutional system,” Dr Sayd Farook, senior partner for Oceania and GCC at DinarStandard, tells Salaam Gateway. 

“You have this web of sporting institutions and colleges that churn out large amounts of elite athletes despite the small size of their population. The same can be said of the United States as well where elite Ivy League schools also perform a similar function.”

It all starts with schools and physical education (PE) sessions, adds Farah, noting that PE sessions are not taken seriously enough in most OIC countries. 

“If we were to observe the most successful nations in terms of athleticism on the global level, we will notice that PE is a core subject in their schools. The best examples are US, China, France, Germany, and Australia. If you want to see the difference between these countries' athletic preparation and OIC countries, the FIBA World Cup (basketball) championship (under 16 and under 18) would be a good example. You cannot miss the difference between Australian and US players on one hand and another team players from a developing country on the other. Young players' physicality and athleticism would differ significantly. This is definitely a result of long-term preparation that starts in schools at a young age,” he explains. 

Where to, next?
It is not all gloom and doom, though.

The World Economic Forum predicts that the sports industry across the Middle East – a region which hosts a number of OIC countries - is expected to grow 8.7% by 2026, compared with a global sector growth of 3.3% over the same period.

Among OIC countries, the six GCC (Gulf Cooperation Council) states have taken strong strides. Saudi Arabia’s national transformation plan (NTP), launched as part of its ambitious Vision 2030, emphasizes on the promotion of sports. 

“The NTP emphasizes the development of sports infrastructure at the grassroots level, with a focus on schools, women’s sports facilities, and local communities. The goal is to increase community participation in sports from 13% to 40% by 2030,” a Gulf Research Center (GRC) report read. 

The UAE unveiled its national sports strategy 2031 last year, to increase the involvement in sports to 71% of the country’s population, as well as to raise the number of Olympics qualifying athletes to over 30 by the year 2031. 

Bahraini public authorities have also taken initiatives to make sports and recreational activities accessible to everyone. The kingdom bagged four medals at the Paris event this year, the highest among GCC states.  

“Policies and programs have been thoughtfully implemented across different governorates to ensure affordable activities for individuals of all backgrounds and abilities. This includes the creation of neighborhood parks with sports facilities, the construction of sports stadiums, football pitches, multipurpose sports halls, Olympic swimming pools, youth centers, and youth sports grounds,” the GRC report states. 

However, much more remains to be done. 

“Across the OIC, countries have yet to develop or invest in strong institutions that churn out elite athletes. It’s a very distant concern. So most if not all of the Olympic achievements we see is due to talent and a bit of development. OIC countries have a way to go but I believe with a prioritisation of sport at all levels, they can also punch above their weight,” adds Dr. Farook. 

Paragraphs 5 and 7 edited on September 5, 2024.

Here's a roundup of key developments across the OIC ecosystem during the month of August

Editor's note: GCC countries are going strong on key crossborder partnerships, with the UAE looking to foster economic ties with Azerbaijan and Egypt.

The GCC states, alongside Turkiye, are also pinning hopes on a free trade zone. 

ESG Development

Afghanistan
UNICEF brings safe water to rural communities through KSRelief funding
UNICEF and the Afghanistan Humanitarian Trust Fund (AHTF), under the mandate of the Islamic Development Bank (IsDB), have successfully completed a $2 million project to provide climate-resilient and sustainable water supply services in Afghanistan.

Funded by the King Salman Humanitarian Aid and Relief Center, the initiative has benefited over 30,000 people across 18 remote communities in Paktia and Logar provinces. (IsDB)

Trade Developments

Egypt / UAE
Egypt, UAE discuss petroleum cooperation
Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, met with Sheikh Mohammed Saeed Al-Dhanhani, head of the government of Fujairah, UAE, to discuss enhancing petroleum cooperation and exploring investment opportunities.

Badawi highlighted the strong ties between Egypt and the UAE, noting their advanced infrastructure in petroleum storage and handling. (Zawya)

GCC / Türkiye

GCC States, Turkiye pin high hopes on free trade zone

Turkiye and the Gulf Cooperation Council (GCC) are in negotiations to establish one of the largest free trade zones globally, according to Turkish officials.

The potential agreement would significantly enhance trade, which reached $31.5 billion in 2023.

The deal aims to align with global economic conditions and create new opportunities for the private sector, particularly in agriculture and technology exports. (Zawya)

GCC / Indonesia

GCC, Indonesia Sign Joint Statement to Launch Free Trade Negotiations

Gulf Cooperation Council (GCC) secretary general Jasem Albudaiwi met with Indonesian trade minister Zulkifli Hasan in Jakarta, where they emphasized the importance of strengthening cooperation between the GCC and Indonesia to enhance economic ties.

During the meeting, both parties signed a joint statement to initiate negotiations for a GCC-Indonesia free trade agreement, according to the Saudi Press Agency. 

UAE / Azerbaijan

UAE and Azerbaijan agree to develop economic partnership

The UAE and Azerbaijan agreed to enhance economic cooperation in sectors including entrepreneurship, tourism, and renewable energy during the ninth session of their joint intergovernmental commission in Shusha.

The talks, led by UAE Minister of Economy Abdulla bin Touq Al Marri and Azerbaijani Minister Mikayil Jabbarov, reflect over three decades of strategic partnership, highlighted by recent high-level exchanges. (MOEC GOV)

Indonesia and Singapore have signed a preliminary agreement to enhance bilateral halal product trade. 

The memorandum of understanding (MoU) aims to strengthen, advance, and develop cooperation regarding halal product quality assurance.

"This MoU is important to increase the volume of exports and imports of Indonesia and Singapore in a mutually beneficial manner, especially the volume of halal product trade," Muhammad Aqil Irham, the head of Indonesia's Halal Product Assurance Organizing Agency (BPJPH) and one of the signatories of the MoU, said. 

"This is also to welcome the first phase of halal certification obligations to be implemented in October 2024 for food products, beverages, raw materials, food additives, auxiliary materials for food and beverage products, as well as products in services and slaughter meat," he added. 

Indonesia announced in May that it will delay the mandatory halal products certification requirement until 2026, particularly for micro and small enterprises. The original October 2024 deadline for the certification policy will continue to be applicable on medium and large enterprises. 

The scope of the agreement includes cooperation between the two institutions in the field of halal certification and halal logos based on equality and mutual benefit in accordance with the regulations and policies of both countries, Indonesia's state news agency Antara reported. 

Indonesia and Singapore are also members of the Brunei, Indonesia, Malaysia, and Singapore Ministers of Religious Affairs Forum, or MABIMS.

"This cooperation will ensure that halal products are consistently certified through high standards to assure halal quality, which is necessary for ensuring the availability of halal products for consumers," Kadir Maideen, chief executive of the Islamic Religious Council of Singapore (MUIS) said. 

MUIS is the only institution that has the authority to issue halal certificates in Singapore. In addition to Indonesia, Singapore has signed similar MoUs with Saudi Arabia, the UAE, Jordan and Morocco.

Here's a roundup of key developments across the OIC ecosystem during the month of July.

Editor's note: Cooperation is a wonderful concept in general, and moreso for businesses and economies. Perhaps why countries across the OIC are capitalizing on it for greater economic growth and prosperity. 

Qatar is looking to enhance economic ties with both Iraq and Uzbekistan. Oman and Algeria are also looking at ways to bolster trade and investment cooperation, while the UAE and Morocco finalise their free trade agreement. 

Investment

Türkiye / Turkmenistan / Suriname

IsDB allocates $369m for development projects in Turkiye, Turkmenistan, and Suriname

The Islamic Development Bank's board approved $368.98 million for new development projects in Türkiye, Turkmenistan, and Suriname.

These initiatives aim to bolster sustainable development and socio-economic growth, focusing on transportation, health, education, and energy sectors. (Zawya)
 

Suriname

IsDB provides over $105m to support Suriname's electricity network

The Islamic Development Bank (IsDB) Group provided $105.7 million to support the electricity network in Suriname, which struggles with growing energy demand and limited capacity.

The IsDB Group is funding the project, which includes four main components and is scheduled for completion in the third quarter of 2028. (Zawya)

Trade Developments

Oman / Algeria

Oman, Algeria discuss enhancing investment, trade cooperation

Oman's Minister of Trade, Qais bin Mohammed Al Yousef, and Algeria's Minister of Trade, Tayeb Zitouni, held a videoconference to explore ways to boost investment and trade cooperation.

They agreed to encourage companies to enhance partnerships and transfer technology, aiming for long-term collaboration. (Zawya)

Qatar / Iraq

Qatar, Iraq to enhance economic, trade ties

Qatar's Minister of Commerce, Sheikh Mohamed bin Hamad bin Qassim al-Thani, and Iraq's Minister of Commerce, Atheer Daoud Salman al-Ghurairi, co-chaired the seventh session of the Qatari-Iraqi Joint Committee for Economic and Trade Cooperation in Baghdad on July 7-8.

The session underscored mutual efforts to enhance bilateral cooperation, economic partnerships, and joint mechanisms.

Sheikh Mohamed praised the strong relations between Qatar and Iraq, highlighting their role in deepening economic, trade, and investment cooperation. (Gulf Times)

Qatar / Uzbekistan

Qatar, Uzbekistan discuss ways to enhance trade ties

Mohammed bin Ahmed bin Twar Al Kuwari, First Vice Chairman of the Qatar Chamber, held a video call with Rasulov Dilshod Ozodovich, Deputy Chairman of the Uzbekistan Chamber of Commerce and Industry.

They discussed key sectors for potential investment and the activation of agreements between the chambers of commerce in both countries.

The meeting attended by officials from both countries focused on enhancing bilateral trade and economic cooperation.

(The Peninsula)

UAE / Kuwait

UAE, Kuwait discuss economic cooperation

UAE Minister of State for Foreign Trade Dr. Thani Al-Zeyoudi met with Kuwaiti officials to discuss enhancing economic and trade cooperation between the two countries.

He held talks with the Kuwaiti Consul General in Dubai and Northern Emirates, Ambassador Ali Al-Thaidi, and the Chairman of the Kuwaiti Business Council in Dubai and Northern Emirates, Dr. Firas Al-Salem.

They explored ways to boost bilateral cooperation and exchanged views on investment opportunities across various sectors. (Zawya)
 

UAE / Morocco

UAE, Morocco finalise CEPA agreement

The UAE and Morocco have finalized a Comprehensive Economic Partnership Agreement (CEPA).

The deal aims to boost trade and investment between the two countries by eliminating tariffs, reducing trade barriers, and improving market access for services. (Zawya)

Pakistan / Kuwait

Pakistan, Kuwait agree to promote trade relations

Pakistan and Kuwait have agreed to strengthen bilateral trade relations through increased cooperation.

The two countries aim to foster a more integrated economic partnership, focusing on business-to-business and government-to-government initiatives.

Pakistan has expressed keen interest in collaborating on various projects with Kuwait, while the latter has shown support for expanding trade relations. (Zawya)

Regulatory

Saudi Arabia
Green Climate Fund Approves Islamic Development Bank as GCF Accredited Entity

The Islamic Development Bank (IsDB) has been approved as an Accredited Entity by the Green Climate Fund (GCF).

This milestone signifies the bank's capacity to manage climate-related projects and access the world's largest climate fund.

As a key player in the fight against climate change, the IsDB will now be able to support developing countries in achieving their climate goals. (IsDB)

Here's a roundup of key developments across the OIC network during the month of June

Saudi Arabia is in the news for all the right reasons. It partnered with Morocco to foster economic cooperation, as well as introduced AI-driven services for the Hajj pilgrimage. 

Meanwhile, Google has partnered with Pakistan to create smart classrooms in an attempt to enhance access to education. 

Trade Developments

Saudi Arabia / Morocco

Saudi Arabia and Morocco look to enhance economic cooperation

Saudi Arabia and Morocco aim to enhance economic cooperation in the mining sector, and empower financial institutions.  

Saudi minister of industry, Bandar Al-Khorayef, met Moroccan officials including the country's energy transition and economy minister.

Al-Khorayef led Saudi Arabia's delegation at the Arab Industrial Development, Standardization, and Mining Organization's 28th General Assembly in Rabat. 

Egypt / Uzbekistan

Egypt, Uzbekistan explore trade, investment opportunities

An Egyptian trade mission, organized by the Egyptian Business Council for International Cooperation (EBCCI), visited Uzbekistan in June to strengthen economic and trade ties.

The delegation included parliament members, senators, and leading businessmen from various sectors.

EBCCI Chairperson Moataz Raslan emphasized discussions on cooperation in industry, agriculture, tourism, health, and education. (Zawya)

Kazakhstan

IsDB & Kazakhstan sign agreement, discuss development

A framework program agreement was signed in Vienna between Kazakhstan's Deputy Prime Minister and Minister of National Economy, Nurlan Baibazarov, and Islamic Development Bank (IsDB) President, Dr. Muhammad Al Jasser.

Signed during the 19th Meeting of Heads of Institutions of the Arab Coordination Group and the OPEC Fund for Development Forum, the agreement aims to accelerate Kazakhstan’s economic advancement and enhance its competitive ability. (IsDB)

Sierra Leone

IsDB and Sierra Leone join forces to boost socio-economic development

Sierra Leone and the Islamic Development Bank (IsDB) will partner to enhance the country's socioeconomic development. This was discussed between Sierra Leone's President, Julius Maada Wonie Bio, and IsDB Group Chairman, Dr. Muhammad Al Jasser, in Vienna on June 24, 2024.

The meeting, held during the Arab Coordination Group Heads of Institutions meeting and the OPEC Fund for Development International Forum, highlighted Sierra Leone's support for the IsDB and the growing mutual development cooperation. (IsDB)

Company News

Iran / Russia / Turkey

Iranian firm signs oil, gas deal with Russian, Turkish companies

Ghadir Investment Company, Zarubezhneft of Russia, and Turkey's Unit International have partnered to finance and develop oil and gas projects in and outside Iran.

Ghadir will lead exploration and production, with equal financing from both partners. Projects include Darkhowin phase 3, Sepehr and Jofeir oil fields, and the Kish gas field.  (Hürriyet Daily News)

Education

Pakistan

Google partners with Pakistan for educational transformation

Google has teamed up with Pakistan's Ministry of Federal Education to modernize the country's education system.

The partnership aims to enhance access to education for out-of-school children, implement smart classrooms, and establish a local assembly line producing over 500,000 Chromebooks by 2026.

The initiative seeks to expand educational opportunities and equip students for the digital economy. (Arab News PK)

Technology

Saudi Arabia

Saudi Arabia introduces AI-driven services for Hajj
Saudi Arabia has implemented AI-driven technologies to enhance the Hajj pilgrimage experience, including smart robots for disinfection, AI multi-lingual guides, and drones for monitoring pilgrim flow.

These innovations aim to manage the large influx of pilgrims, ensure safety, and enhance efficiency.

Augmented reality glasses are used for transportation oversight, while smart golf carts and electric scooters assist pilgrims with mobility issues. (ARY News)

Investments

Nigeria

OIC Arbitration Centre to boost foreign direct investment

The Organisation of Islamic Countries Arbitration Centre (OIC-AC) aims to enhance foreign direct investment in Nigeria through dispute resolution.

Dr. Umar Oseni, Secretary General of OIC-AC, stresses the inclusion of dispute resolution clauses in Nigeria's bilateral treaties to bolster investor confidence.

The initiative is set to attract more foreign investment into Nigeria, supported by Central Bank of Nigeria Governor Olayemi Cardoso's emphasis on Islamic banking and finance. (IFC Review)