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OIC Economies
OIC roundup: IsDB commits over $1.4 billion to advance development goals

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

 

Editor's Note: The OIC bloc has been dominating headlines this month, from welcoming Syria's reinstatement to the border demarcation agreement between Kyrgyzstan and Tajikistan. 

 

Meanwhile, Saudi-headquartered IsDB commits north of a $1 billion to advance development goals across select member countries. 

 

 

Trade Developments


Oman / Pakistan

Oman and Pakistan keen to attract more investments, simplify trade procedures

The Minister of Commerce, Industry and Investment Promotion of Oman met with the Federal Minister of Commerce of Pakistan to discuss ways to strengthen economic relations between the two countries.

 

The meeting focused on promoting promising sectors, improving the business environment, attracting investments, simplifying trade procedures, and boosting trade exchange. (Zawya)

 

UAE / Bangladesh

Sharjah Chamber, Dhaka Chamber of Commerce and Industry sign MoU
The Sharjah Chamber of Commerce and Industry and the Dhaka Chamber of Commerce and Industry (DCCI) have signed a memorandum of understanding (MoU) to strengthen trade relations and develop economic partnerships between the business communities of the two countries.

 

The MoU aims to enhance cooperation between private sector enterprises, highlight investment opportunities, encourage growth in target markets, and promote products and services through collaboration in specialized trade exhibitions. (Zawya)

 

Investment


Uzbekistan

ICD, Turonbank to support private sector growth in Uzbekistan

The Islamic Corporation for the Development of the Private Sector (ICD) and Private Joint-Stock Bank "Turonbank" have signed a $30 million Islamic line of financing facility to support small and medium-sized enterprises (SMEs) and the private sector in Uzbekistan.

 

The new financing facility, channeled through Turonbank, aims to provide entrepreneurs with financial resources to launch and expand their businesses, driving sustainable economic growth.  (Zawya)

 

Saudi Arabia

IsDB commits over $1.4 billion to advance development goals across eight member countries

The Islamic Development Bank (IsDB) has approved over $1.4 billion in funding to support Sustainable Development Goals (SDGs) in eight member countries.

 

The approved projects cover sectors such as food security, health, education, transportation, sanitation, and urban development. (Middle East Economy)

 

Regulatory


Kyrgyzstan / Tajikistan

OIC welcomes border demarcation agreement between Kyrgyzstan, Tajikistan

The OIC General Secretariat welcomed the signing of the border demarcation agreement between Kyrgyzstan and Tajikistan.

 

The OIC Secretary-General congratulated the two countries on the achievement, which resolves decades-long disputes, restores understanding and harmony, strengthens mutual trust, and boosts cooperation and good neighborly relations between the two countries and their peoples. (The Nation)

 

Syria

OIC announces reinstatement of Syria's membership

The Council of Foreign Ministers of the Organisation of Islamic Cooperation (OIC) has decided to reinstate the membership of the Syrian Arab Republic in the OIC.

 

The council has assigned the OIC Secretary-General to take the necessary steps to implement this decision and to submit a report at the next session of the Council of Foreign Ministers. (Emirates News Agency)

OIC Economies
UAE-Central African Republic CEPA to target $1bn trade

The Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the Central African Republic is expected to boost bilateral trade beyond $1 billion (3.67 billion dirhams) over the next five to seven years. 

The CEPA, signed last week, will create further growth and prosperity opportunities for business communities in both countries, Dr. Thani bin Ahmed Al Zeyoudi, UAE’s minister of state for foreign trade told the state-run news agency WAM. 

The agreement will offer a high level of trade liberalisation, with the UAE granting a 98% tariff removal for goods from the Central African Republic, with the latter extending a 99.5% tariff removal for UAE exports, he added. 

The CEPA offers investment opportunities across service sectors, including telecommunications, hospitality, logistics, and financial technology. 

It will also enhance trade and investment cooperation in strategic sectors such as aluminium, ceramics, petrochemicals, iron, silver, gold, food products, and textiles. 

Al Zeyoudi added that the partnership focuses on advancing collaboration in future economic sectors, particularly digital economy and advanced technology. It also paved the way for new opportunities for small and medium enterprises in both countries.

Non-oil bilateral trade reached $252 million (925 million dirhams) in 2024, rising 75% on the previous year.  The UAE’s non-oil exports to the Central African Republic include consumer goods such as food products, textiles, and electronics, as well as machinery and pharmaceuticals. The Central African Republic exports agricultural products, including coffee, cotton, and cassava to the UAE, in addition to gold and diamonds.

The UAE’s CEPA programme, launched in September 2021, aims to increase the country’s non-oil trade to $1.1 trillion by 2031. It helped gain access to high-growth markets, bumping the UAE’s trade volume by 14.6% annually to reach $816 billion in 2024. 
 

OIC Economies
OIC roundup: Jordan, Iraq discuss strategic economic partnerships

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

 

Editor's Note: Energy and food cooperation has come to the fore across the OIC ecosystem, with countries discussing strategic economic partnerships.

 

Jordan and Iraq, for instance, are looking at projects in the food and energy sectors, while Kyrgyzstan is inviting Brunei investors to engage in energy and industrial projects. Egypt and Yemen are exploring petroleum investment opportunities, too. 

 

 

Trade Developments


Kazakhstan / Saudi Arabia

Kazakhstan envoy on strengthening Saudi ties 

Kazakhstan's ambassador to Saudi Arabia, Madiyar Menilbekov, aims to enhance Saudi-Kazakh relations in various sectors, including politics, trade, culture, tourism, and agriculture.

 

He noted that political ties are strong, as evidenced by President Kassym-Jomart Tokayev's recent official visit to Riyadh.

 

The ambassador highlighted the annual exchange of visitors between the two nations and emphasized the importance of strengthening trade and economic relations. (Arab News)

 

Jordan / Malaysia

Jordan-Malaysia in halal ecosystem development
Jordan is enhancing its halal ecosystem by partnering with Malaysia's Serunai Commerce under the Islamic Development Bank's Reverse Linkage modality.

 

This initiative included an 11-day Diagnostic Mission to evaluate Jordan's halal certification processes, led by IsDB and Serunai Commerce with the Ministry of Planning and International Cooperation.

 

Key discussions involved various Jordanian ministries and regulatory bodies, focusing on current challenges and opportunities to improve Jordan's role in the global halal economy. (Halal Focus)

 

Egypt / Kuwait

Egypt, Kuwait pen minutes of 1st joint ministerial trade committee session

Egypt and Kuwait have formalized the outcomes of their first Joint Ministerial Trade Committee meeting, held in February.

 

The agreement was signed by Egypt’s Investment and Foreign Trade Minister Hassan El-Khatib and Kuwait’s Commerce and Industry Minister Khalifa Abdullah Al-Ajeel.

 

This initiative aims to bolster bilateral trade and investment, following the directives of both nations’ leaders, and is guided by the 2014 Trade and Industrial Cooperation Agreement. (Zawya)

 

Jordan / Iraq

Jordan, Iraq discuss strategic economic partnerships at business forum

Jordanian minister of Industry, Trade and Supply Yarub Qudah highlighted ongoing discussions between Jordan and Iraq regarding strategic projects in the energy and food sectors during the Jordanian-Iraqi Business Forum in Baghdad.

 

He noted Iraq’s wheat surplus as a potential import source for Jordan, aiming to reduce reliance on other suppliers.

 

Qudah emphasized the deep-rooted economic ties and genuine partnership between the countries, highlighting the role of governments in enabling this relationship. (The Jordan Times)

 

Kyrgyzstan / Brunei

Kyrgyzstan offers Brunei cooperation in energy and halal industry

Kyrgyz president Sadyr Japarov expressed optimism for enhancing interregional cooperation between Central Asia and ASEAN (Association of Southeast Asian Nations), alongside fostering bilateral political dialogue.

 

He discussed Kyrgyzstan's reforms and infrastructure developments, including the China-Kyrgyzstan-Uzbekistan railway project.

 

Japarov highlighted potential partnership areas such as the energy industry, IT sector, raw material processing, and halal industry, specifically inviting Brunei investors to engage in energy and industrial projects in Kyrgyzstan, while seeking experience in halal product certification. (24 KG)

 

Egypt / Yemen

Egypt, Yemen explore investment opportunities in petroleum, mining

Egyptian Minister of Petroleum Karim Badawi and Yemen’s Minister of Oil and Minerals Saeed Suleiman Al-Shamasi discussed investment opportunities in petroleum and mining during the Egypt Energy Show (EGYPES 2025).

 

They agreed to establish a joint working team to explore cooperation. (Zawya)

 

Kuwait / Uzbekistan

Kuwait, Uzbekistan eye closer investment cooperation

Minister Noura Al-Fassam of Kuwait met with Uzbekistan's Minister Laziz Kudratov to discuss collaboration on enhancing trade and investment ties.

 

They reviewed joint action plans aimed at mutual interests. Additionally, Uzbekistan's President Shavkat Mirziyoyev is scheduled to visit Kuwait. (Zawya)

 

 

Investment


Egypt

ITFC signs $1.5bn financing program with Egypt for petroleum, food security

The International Islamic Trade Finance Corporation (ITFC) has signed a $1.5 billion financing program with the Egyptian government for 2025, aimed at supporting petroleum products and food security, according to CEO Hani Sonbol.

 

Additionally, a program to support Egypt's private sector, especially small- and medium-sized enterprises (SMEs), will provide financing lines in collaboration with Egyptian banks, including Banque Misr. (Zawya)

OIC Economies
UAE-Ukraine CEPA to bolster economic growth

The UAE has signed a comprehensive economic partnership agreement (CEPA) with Ukraine, that is expected to increase GDP in both countries by $1 billion over the next six years. 

The pact is projected to contribute $369 million and $874 million to the UAE’s and Ukraine’s economic growth, respectively. 

Upon its expected implementation this year, the agreement will eliminate custom duties on 99% of Ukrainian imports of UAE goods and 97% of Ukrainian exports to the UAE. 

The agreement was signed in the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Ukrainian President Volodymyr Zelenskyy, state-run news agency WAM reported. 

The CEPA is the UAE’s third trade agreement with a European nation. 

Yulia Svyrydenko, Ukrainian minister of economy said the country needed greater investments in its assets and capital, as it aims to modernise its infrastructure. Investment inflows in Ukraine reached approximately $8 billion over the past two years.

Dr. Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade said that securing food supplies is a key pillar of the UAE’s free trade agreements. 

“With its pro-growth reforms and potential accession to the EU, we foresee enhanced appeal in Ukraine as an investment destination, with vast scope to build on our existing joint FDI stock of $360 million," he added. 

Ukraine is one of the world’s leading producers and exporters of grains such as wheat and barley. 

The agreement aims to double non-oil bilateral trade, which reduced to $372.4 million in 2024 from $904.4 million in 2021. 

The CEPA programme launched in September 2021, aims to increase the UAE’s non-oil trade to $1.1 trillion (4 trillion dirhams) by the year 2031. 

Since launching its programme, the UAE has signed 24 CEPAs with trade partners, covering markets home to approximately one-quarter of the world’s population. 
 

OIC Economies
UAE ranks among top 10 nations with most AI firms per capita

The UAE is in the ascendant in the realm of artificial intelligence (AI), supported by government strategic support and investment, a recent report has revealed. 

The GCC state has been ranked 9th amidst countries ranked on AI companies per million in population, the Global Artificial Intelligence Competitiveness Index report drafted by the International Finance Forum and Deep Knowledge Group, identified. 

The study ranked Singapore first, with 162.8 enterprises per million in population, followed by Israel (135.2 firms), and Switzerland (73.6 firms). The US (61.2 firms) and Canada (58.3) rounded up the top five. 

The world is hosting about 55,000 AI companies, including startups and mature firms that offer AI products and services. The US houses more than 20,000 such enterprises. 

The top 10 countries, including the UAE, is home to some 73% of the world’s AI companies. The UAE has a total of 490 AI firms, equalling 49.5 firms per million in population. 

The UAE has gone to town on its AI initiatives, becoming the world’s first country to appoint an AI minister. It has also issued its AI Strategy, anticipated to elevate AI’s GDP contribution to $91 billion by 2031. 

“The UAE provides an extremely attractive business environment for AI firms, including zero corporate tax and personal income tax policies, while 100% foreign investment is allowed after a company is established,” the report read. 

The country is also drawing AI professionals with lofty benefits, such as the 10-year residency for AI industry experts. The world’s first AI professional research university MBZUAI is also based out of Abu Dhabi, the UAE capital. 

Türkiye and Saudi Arabia house 510 and 292 AI firms, respectively. 

OIC Economies
LEAP 2025: Saudi scores big with over $20bn in AI investments 

Global technology event, LEAP, hosted in Riyadh, Saudi Arabia, locked in over $20 billion in artificial intelligence (AI) related investments over the course of two days. 

On the first day of the event, investments and projects in AI worth over $14.9 billion were announced, to empower digital skills development, foster tech startups growth, and enhance innovation in the kingdom, state-run news agency Saudi Press Agency reported. 

Investments and projects in AI, cloud computing and digital transformation on day one included a $1.5 billion investment announced by Groq & Aramco Digital to expand AI-powered cloud computing.

Alat & Lenovo confirmed a $2 billion investment to establish an advanced AI and robotics-based manufacturing and technology center in the kingdom and to open Lenovo's regional headquarters in Riyadh.

Google also unveiled plans for an AI infrastructure investment, launching a global AI hub in Saudi Arabia, while Qualcomm introduced the ALLaM language model on the Qualcomm AI Cloud, alongside the launch of the ALLaM AI PC, enabling cloud-based AI solutions for developers. 

Alibaba Cloud launched an AI empowerment program in Saudi Arabia, in collaboration with Tuwaiq Academy and STC, to train local talent. Databricks committed $300 million PaaS solutions, supporting app developers and fostering data engineering and AI expertise. SambaNova pledged $140 million to develop advanced AI infrastructure in the kingdom.

Meanwhile, KKR & Gulf Data Hub announced an investment in Saudi Arabia’s data center development, with a total capacity of up to 300 megawatts. Salesforce committed $500 million to expand its Hyperforce platform, while Tencent Cloud pledged a $150 million investment to establish its first cloud region in the Middle East, launching from Saudi Arabia. 

Day Two
Day two of LEAP 2025 witnessed a string of investments in data centers, submarine and fiber-optic cable networks, topping $7.5 billion. 

DataVolt, in collaboration with NEOM, announced a $5 billion investment to establish the first fully sustainable AI data center in OXAGON. Alfanar revealed a $1.4 billion investment to develop four data centers, while Mobily committed $905 million to develop submarine cable networks and advanced data center projects.

Zoom has also pledged $75 million to drive AI innovation and establish new data centers, strengthening support for tech enterprises and government entities. 

Saudi Arabia Railways has announced a $51 million investment in a private fiber-optic network aimed at enhancing digital connectivity and expanding the country's communications infrastructure.

OIC Economies
Rubble to revenue: Revival of Syria’s entrepreneurship landscape

The revival of Syria’s entrepreneurial ecosystem - buffeted by years of conflict and economic deteoriation - is contingent on key support initiatives, according to experts. 

The country has battled unrest and political upheaval since 2021, with its civil war decimating the country’s economic stability and social fabric. Syrian president Bashar Al Assad was toppled last December, forcing him to flee the country. 

The civil war in Syria, which has triggered its collapse, has been billed as the world’s deadliest and one of the most protracted conflicts of the past three decades, according to a World Bank report published last May.

The country’s gross domestic product (GDP) shrank by 54% between 2010 and 2021, with its real GDP projected to contract 1.5% in 2024, extending the 1.2% decline in 2023, the report added. 

Political instability and a dearth of opportunities has taken a toll on the country’s entrepreneurial landscape. The startup ecosystem in Syria remains largely underdeveloped, under-researched and without sufficient support, a recent study conducted in the immediate aftermath of December 2024 events, has revealed.  

The country’s entrepreneurial ecosystem was beginning to take shape in the pre-conflict era - the Syrian Young Entrepreneurs Association, a non-governmental organization dedicated to building entrepreneurial capacity, was established in 2001, followed by the launch of the Syrian Investment Agency in 2007, the Competition Law and Antitrust Act in 2008 and the creation of the Syrian Market Stocks in 2009, the report by Startup Syria said. 

However, the budding environment was marred as the conflict lead to plummeting business activity and infrastructure collapse. Recovery began in 2014 with grassroot initiatives and cross-border support. At present, over 200 startups operate within Syria, with only a dozen having reached growth stage. Damascus remains the main hub for startups (33.57%), followed by Homs (14.71%) and Aleppo (12.14%), the report added. 

Top challenges
Economic instability emerges as the most pressing challenge for Syrian startups, the Startup Syria report said, and with good reason. Frail consumer purchasing power limits businesses from scaling and sustaining operations. Limited internet penetration, cultural hesitancy toward digital adoption, and unfamiliarity with app-based services restrict market expansion.

“Continued uncertainty can deter investment and complicate   business   planning.   Stability   and   security   are   crucial   for   fostering entrepreneurship,” Conor Clifford Murphy, partner at DinarStandard told Salaam Gateway. 

Other challenges include scarcity of financial investment, collapsing infrastructure, market access restrictions and dwindling human skills, among others. Entrepreneurs primarily rely on personal savings, family contributions, and small grants to launch their ventures, the Startup Syria report further identified. 

“The current banking system is one of the obstacles, as it is undercapitalized, and not proactive towards projects,” Khalid Al Terkawi, economic consultant at Jusoor Studies Centre told Salaam Gateway. 

According to the World Bank report, poverty affected 69% of the country’s population as of 2022, equivalent to about 14.5 million Syrians. Extreme poverty, which virtually did not exist before the conflict, affected more than one in four Syrians in 2022. 

“Poverty is a very bad thing, it shackles the mind and closes positive thinking, and it hinders not only entrepreneurship but many other things,” Al Terkawi added. 

Potential resurrection
Despite its current threadbare state, there are several factors that offer a glimmer of hope for the Syrian entrepreneurial ecosystem. The Startup Syria report suggests that women participation has increased over the years, with females representing 34.7% of entrepreneurs in 2025, soaring from a mere 4.4% in 2009. 

However, reviving the country's entrepreneurial ecosystem requires several key initiatives, according to DinarStandard’s Murphy. 

“[Firstly], economic reforms - the Syrian government has indicated a shift towards a free-market economy, aiming to privatize state-owned enterprises and liberalize trade regulations to attract foreign investment. Secondly, infrastructure development - rebuilding critical infrastructure such as transportation, energy, and telecommunications is necessary to support business operations and facilitate economic growth.”

Access to finance, lifting international sanctions and educational and training programs are other essential initiatives, Murphy added. “Strengthening entrepreneurship education and vocational training will equip individuals with the skills needed to start and sustain businesses.”  

Al Terkawi believes that entrepreneurship is a way of thinking first of all, so higher education and sub-university education will play a big role in the entrepreneurial thinking pattern. 

“Business incubators are very important for encouraging entrepreneurship and incubating the most capable of growth, as well as banks that provide support to startups are also important,” added Al Terkawi. 

As Syria undergoes a renaissance in more ways than one, key trends such as the return of experienced founders, increased focus on digital transformation by startups, support structures, and rising global-minded startups are likely to shape the industry, the Startup Syria report suggested.

But for the initiatives to come into play, they must be timely and dynamic. 

And the change seems to already be underway. Syria hosted a two-day tech conference, connecting Silicon Valley Syrians with those on the ground, looking to empower local talent and reimagine the country's tech future. 

As Ahmad Sufian Bayram, the Startup Syria report author, puts it: “Entrepreneurship must not wait for recovery. Entrepreneurship is recovery.”

Updated on February 13, 2025

OIC Economies
US will take over the Gaza Strip, says President Trump

The US will take control of the Gaza strip, US President Donald Trump said Tuesday, during a press conference held with Israeli Prime Minister Benjamin Netanyahu. 

“The US will take over the Gaza strip, and we will do a job with it, too. We’ll own it and be responsible for dismantling all of the dangerous unexploded bombs and other weapons on the site, level the site, and get rid of the destroyed buildings.” 

The comments came in the wake of Netanyahu’s trip to the US, the first foreign leader to meet President Trump since he took office for the second time last month. 

Trump said that Gaza has been an unlucky place for a long time, and it should not go through a process of rebuilding and occupation by the same people that have fought for it, lived and died there. 

“Instead, we should go to other countries of interest, with humanitarian hearts. There are many of them that want to do this and build various domains that will ultimately be occupied by the 1.8 million Palestinians living in Gaza.”  

Trump made similar comments more than a week earlier when he said he wanted Egypt and Jordan to take in Palestinians from Gaza. Both nations spurned the suggestion, with Egyptian President adding that Egypt “cannot participate in the injustice of displacing the Palestinian people.”

During the press conference, Trump said that the initiative of relocating Palestinians could be paid for by neighbouring countries of great wealth.

“The only reason the Palestinians want to go back to Gaza is that they have no alternative. It’s right now a demolition site. Virtually every building is down."  


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