OIC Economies

OIC news wrap: Saudi hosts historic GCC-ASEAN summit. What were the key takeaways?

Here's a roundup of key developments across the OIC ecosystem during the first three weeks of October

Editor's note: Energy, energy, energy. Its all about fueling our works, businesses and lives. And this has dominated much of the OIC airspace in recent weeks.

The UAE is looking to strength its energy cooperation with Kyrgyzstan, while it launched three contracts with Iraq to develop oil and gas fields. 

Of course, there was this much-talked-about GCC-Asean summit held in Riyadh, offering a platform for leaders to explore collaboration in various fields, including energy security. 

Trade Developments

Saudi Arabia

Saudi Arabia hosts historic GCC-ASEAN summit to strengthen ties

Leaders of the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN) convened in Saudi Arabia on October 20, 2023, at the invitation of King Salman bin Abdulaziz Al Saud.


The leaders declared to join efforts to promote security and stability, explore cooperation on specific areas of common interest, promote trade and investment between the GCC and ASEAN, and encourage technical assistance and capacity building for entrepreneurs, among other things. (GCC-SG)


Iraq / UAE

Iraq, UAE's Crescent launch deals to develop three oil and gas fields

Iraq has initiated three energy contracts with UAE-based Crescent Petroleum to develop oil and gas fields in the country, as announced by the oil ministry.


Crescent Petroleum had previously signed three 20-year contracts in February to develop these fields in Iraq's Basra and Diyala provinces. (Zawya)



IsDB president's Morocco visit to bolster global partnerships and sustainable initiatives

The President of the Islamic Development Bank, Dr. Muhammad Al Jasser, is leading a delegation to Morocco from October 9 until 20.


This visit underscores the IsDB's dedication to foster collaborative relationships and promote sustainable development initiatives within its member countries.


Dr. Al Jasser will commence his visit by participating in the World Bank/International Monetary Fund (WB/IMF) annual meetings in Marrakech. (IsDB)



Agreement signed to enhance trade between Organization of Islamic Cooperation and Africa

An agreement has been reached to enhance economic activities between member states of the Organization of Islamic Cooperation (OIC) and the Eastern and Southern African Trade and Development Bank (TDB).


The TDB and the International Islamic Trade Finance Corp., a member of the Islamic Development Bank Group, signed a memorandum of understanding. (Arab News)


Saudi Arabia / Egypt

Egyptian chemical export council sign agreement with Saudi Tabseer platform to boost trade

The Chemical and Fertilizers Export Council (CEC) has entered into a joint cooperation agreement with the Saudi Tabseer platform, aimed at facilitating the entry of Egyptian companies into the Saudi market and simplifying their interactions with Saudi counterparts.


The agreement is a significant step in enabling Egyptian companies to export their products more efficiently, using the Tabseer platform to conduct tests and obtain accreditation certificates. (Zawya)



IsDB-ICIEC’s Istanbul event explores impact of information sharing for OIC members

In Istanbul, Türkiye, a groundbreaking event took place from September 26 to September 28, at the Hilton Istanbul Maslak.


This event brought together over 80 distinguished attendees to examine the vital role of information sharing and business intelligence in supporting trade and investment decisions within the member states of the Organization of Islamic Cooperation (OIC). (ICIEC)



ESG Developments


Afghanistan / Kuwait
Afghanistan Humanitarian Trust Fund receives $2 million boost from Kuwait Society 

 Mohammad J. Alsaati, special adviser to The President and Coordinator of Afghanistan Humanitarian Trust Fund (AHTF), signed an agreement with Dr. Ebrahim A. Alsaleh, Chairman of the Board of Kuwait Society For Relief (KSR).


This agreement marks a Donor Contribution Agreement, through which KSR will provide $2 million in funding to the AHTF. (IsDB)


UAE / Kyrgyzstan
UAE, Kyrgyzstan strengthening energy cooperation

Suhail bin Mohammed Al Mazrouei, the Minister of Energy and Infrastructure for the UAE, led a high-level delegation on a visit to the Kyrgyz Republic.


The purpose of this visit was to explore opportunities for cooperation between the two countries across various sectors.


President Sadyr Japarov of the Kyrgyz Republic welcomed Al Mazrouei and his delegation, along with the UAE's Ambassador to Kazakhstan, Dr. Mohammed Al Arqi. (Zawya)


Intra-OIC trade
Social impact projects
Trade agreements
OIC trade
Bilateral ties