Newswrap (May 2023) - OIC
Indonesia Enhances its Support to IsDB’s Mandate by Increasing its Shareholding; Morocco and Saudi Arabia work towards a strong investment and trade partnership; ITFC Signs Four Agreements with total amount US$ 1.1 billion with Mali, The Gambia, Djibouti; Icd and Ithmar Capital Join Forces to Boost Energy Transition and Food Security in Morocco and Africa; SAUDI ARAMCO: First time an OIC based company is in Top 50 most innovative companies in the world; Makkah and Madinah are aiming to become financial and business epicentres for the Islamic world.
Trade Developments – Morocco / Saudi Arabia
Morocco and Saudi Arabia work towards a strong investment and trade partnership. (May 10, 2023)
Morocco and Saudi Arabia are working towards strengthening their economic ties through the establishment of a joint fund for investment and trade development. This initiative presents an opportunity for Morocco to boost its economic growth and for Saudi Arabia to solidify its position as the largest economy in the Middle East. (Atalayar)
Trade Developments – Saudi Arabia
ITFC Signs Four Agreements with total amount US$ 1.1 billion with Mali, The Gambia, Djibouti. (May 10, 2023)
The International Islamic Trade Finance Corporation (ITFC) has signed significant agreements with Mali, The Gambia, and Djibouti, totaling over US$1.1 billion. These agreements aim to support key sectors such as agriculture, energy, and health, as well as the private sector, fostering economic growth and ensuring a stable supply of essential products. (ITFC)
Trade Developments – Saudi Arabia / Indonesia
Indonesia Enhances its Support to IsDB’s Mandate by Increasing its Shareholding. (May 13, 2023)
The Islamic Development Bank (IsDB) has approved Indonesia's request to increase its subscription in the Bank's Capital Stock. As a result, Indonesia will gain a permanent seat on the Bank's Board of Executive Directors. This Special Capital Increase strengthens the partnership between IsDB and Indonesia, supporting sustainable socio-economic development and key areas such as climate action and food security. (IsDB)
Trade Developments – Saudi Arabia
ITFC signs $1.2bn agreements with Burkina Faso, Cote d'Ivoire, Nigeria, and partner banks. (May 13, 2023)
The International Islamic Trade Finance Corporation (ITFC) has solidified its commitment to collaboration and cooperation by signing seven major agreements with Azerbaijan, Burkina Faso, Cote d'Ivoire, Nigeria, and Uzbekistan. These agreements, signed during the Islamic Development Bank Group (IsDB) Annual Meetings, aim to foster growth and development, particularly for small and medium enterprises (SMEs). (ITFC)
Trade Developments – Saudi Arabia
Icd and Ithmar Capital Join Forces to Boost Energy Transition and Food Security in Morocco and Africa. (May 14, 2023)
The Islamic Corporation for the Development of the Private Sector (ICD) has signed an agreement with ITHMAR CAPITAL during the 2023 IsDB Annual Meetings in Jeddah. The collaboration aims to explore investment opportunities in energy transition, food security, and infrastructure in Morocco and other African countries. (ICD)
Trade Developments – Tunisia / Algeria
Tunisian Hotel Federation and Algerian National Federation of Hotels and Tourism sign partnership agreement. (May 15, 2023)
The President of the Tunisian Hotel Federation (FTH), Dora Miled, signed a cooperation and partnership agreement with the President of the Algerian National Federation of Hotels and Tourism, Abdelouhab Boulefkhad. The agreement aims to enhance tourism, particularly in the hotel sector, in both Tunisia and Algeria through coordinated efforts and joint actions. (Zawya)
Trade Developments – Saudi Arabia
Makkah and Madinah are aiming to become financial and business epicentres for the Islamic world. (May 19, 2023)
Makkah and Madinah strive to establish themselves as financial and business hubs for the Islamic world. Through the Manafea agreement, signed by key chambers of commerce, these cities aim to leverage their global significance. Initiatives include hosting world forums, capitalizing on investment opportunities, and establishing a permanent global showcase for Halal products. (Arab News)
Trade Developments – Pakistan / Qatar
Pakistan, Qatar vow to enhance bilateral trade, tourism. (May 19, 2023)
Pakistan and Qatar have pledged to enhance bilateral trade and tourism ties. This commitment was made during a meeting between Qatar's Ambassador Sheikh Saud bin Abdul Rahman Al Thani and Pakistan's Minister for Interior Rana Sanaullah in Islamabad. The discussions encompassed various topics of mutual interest, including bilateral relations and the presence of Pakistani workers in Qatar. (Dunya News)
Trade Developments – Morocco / Saudi Arabia
Prince Mohammad bin Fahd University signs deal with Moroccan Al Akhawayn University. (June 1, 2023)
Prince Mohammad bin Fahd University (PMU) and Moroccan Al Akhawayn University have signed a memorandum of understanding (MoU) to strengthen cooperation in the scientific, academic, and research domains. The agreement includes collaboration in various academic fields, joint research projects, exchange of academic experiences and students, utilization of available resources, and cooperation in future studies and training. (Zawya)
ESG Developments – UAE
Dubai: Agreement signed to tap $1.3trln global trade of recyclables. (May 5, 2023)
The Global Recycling Foundation and the World Sustainable Business Forum (WSBF) have signed an agreement during the Chief Future Officer Forum in the UAE. This agreement aims to leverage the global trade of recyclables, valued at $1.3 trillion, and contribute to the sustainable future of technology. (Zawya)
Company News – Saudi Arabia
SAUDI ARAMCO: First time an OIC based company is in Top 50 most innovative companies in the world. (May 23, 2023)
Saudi Aramco, the OIC (Organization of Islamic Cooperation) based company, has achieved a significant milestone by being listed among the top 50 most innovative companies globally. This recognition highlights the company's commitment to innovation and its influential position in the global market. (Boston Consulting Group)
Investment – Uzbekistan
TAQA to invest over $3bn in Uzbekistan’s power sector. (May 22, 2023)
UAE-based utilities firm Abu Dhabi National Energy Co. (TAQA) has unveiled plans to invest more than $3 billion in Uzbekistan's power sector. Under a strategic partnership with the Uzbek government, TAQA aims to explore projects and investment opportunities in the country's energy sector. (Arab News)
Investment – Saudi Arabia
Saudi Arabia’s PIF announces $3bn investment unit for Iraq. (May 25, 2023)
Saudi Arabia's sovereign wealth fund has established a $3 billion investment unit to target industries in Iraq, aligning with its strategy to expand investments in the Middle East and North Africa region. Headquartered in Saudi Arabia, the unit of the Saudi-Iraq Investment Co. aims to invest in infrastructure, mining, agriculture, real estate development, and financial services. (Arab News)
