OIC ecosystem in review
Here's a roundup of key developments across the OIC ecosystem during the first two weeks of September
Editor's note: Its a month of cross-border collaborations. Especially for Saudi Arabia. The Arab world's largest economy is calling for clean energy cooperation on a global level, looking to beef up coordination with Qatar at land border ports, and is also calling for greater integration among Gulf strategies across the transport and logistics sector.
Meanwhile, Oman and Tunisia are also exploring ways to boost economic and investment cooperation.
INVESTMENT
Mauritania
IsDB to fund Mauritanian institutes with $49.69m
The Board of Directors of the Islamic Development Bank (IsDB) have sanctioned $49.69 million in funding for the establishment of higher education institutions in Mauritania.
This initiative aligns with IsDB's commitment to expand access to quality higher education, acknowledging that education plays a pivotal role in providing opportunities for young people in Mauritania and beyond. (Zawya)
Saudi Arabia
IsDB injects $800m to support critical projects across member countries
The Islamic Development Bank (IsDB) has given the green light for $800 million in financing during its 352nd meeting in Jeddah, Saudi Arabia.
These funds are aimed at supporting critical projects in sectors such as energy, education, health, and transportation, with the end-goal of addressing socio-economic challenges in IsDB member countries, especially vulnerable communities.
Additionally, the IsDB has initiated an emergency intervention to aid approximately 125,000 individuals impacted by the conflict in Sudan, delivering a multi-sectoral response to provide life-saving assistance. (IsDB)
Egypt
Al Baraka Bank secures $30m in financing
Al Baraka Bank Egypt (SAUD) has announced the acquisition of $30 million in financing from the Islamic Corporation for the Development of the Private Sector (ICD), affiliated with the Islamic Development Bank (IsDB).
Al Baraka Bank Egypt, part of the Al Baraka Banking Group, offers Islamic Sharia-compliant banking services, including retail, corporate, and investment banking, through a network of 32 branches in Egypt. (Zawya)
TRADE DEVELOPMENTS
Qatar / Saudi Arabia
Qatar, Saudi Arabia discuss beefing coordination at land border ports
Qatar and Saudi Arabia conducted their second coordination meeting between their interior ministries to discuss the single port project and data exchange between the Abu Samra Qatari Port and Saudi Salwa Port. (Zawya)
Saudi Arabia
Saudi Arabia calls for integrated Gulf strategies in logistics sector
The Federation of Saudi Chambers has urged for greater integration of Gulf strategies across transport and logistics services.
It has emphasized the importance of private sector involvement in developing logistics policies, fostering international partnerships, enhancing infrastructure and procedures, stimulating the logistics sector, and advancing the privatization of operational activities. (Zawya)
Oman / Tunisia
Oman, Tunisia explore ways to enhance economic, investment cooperation
Government officials in Oman and Tunisia held a meeting to discuss ways of enhancing bilateral cooperation.
The discussions were held between Said Mohammed al Saqri, Oman's minister of economy and Samir Saied, Tunisian minister of economy and planning and his delegation.
Deliberations were centred on strengthening cooperation in economic and investment domains between the two nations. Both sides expressed their commitment to exploring new avenues for collaboration, particularly in economic, commercial, investment, and other relevant sectors. (Zawya)
ESG DEVELOPMENTS
Saudi Arabia
Saudi foreign minister emphasizes global clean energy cooperation
Saudi Arabia's foreign minister, Prince Faisal Bin Farhan, representing King Salman, addressed the G77 + China summit, reiterating the kingdom's dedication to a collective, integrated approach for development, prosperity, and stability.
He emphasized the significance of investing in clean energy technology as a means to transition towards clean energy solutions. (Zawya)
OPERATIONAL DEVELOPMENTS
Saudi Arabia
New water transmission project launched for Makkah, Madinah
Alkhorayef Water and Power Technologies Co. is set to construct and operate pipelines to supply water to Madinah and Makkah as part of the Rayis-Rabigh independent water transmission pipeline project.
The initiative, under a build-operate-transfer agreement with Saudi Water Partnership Co., will have a capacity of 500,000 cubic meters per day and a length of 150 km. (Arab News)
