OIC roundup: IsDB, Kazakhstan launch $1.32bn water project
Here's a roundup of key developments across the OIC ecosystem during the month of November
Editor's Note: Sustainability is the new watchword the world over, and rightfully so. The Islamic Development Bank has teamed up with Kazakhstan to launch a climate resilient water project, while it is looking to train an entire generation of sustainable development leaders, too.
Meanwhile, a business forum held in Istanbul showcased opportunities for Turkish investors in Saudi Arabia.
Trade Developments
Saudi Arabia
Islamic Development Bank Institute delivers program to empower future leaders
The Islamic Development Bank Institute (IsDBI) has trained a new generation of sustainable development leaders.
The program, held in Jeddah, Saudi Arabia, brought together professionals from various countries. The event focused on leveraging Islamic finance to address global challenges and highlighted the IsDB Group's efforts to support socioeconomic development in member countries. (Zawya)
Maldives / Qatar
MoU signed between Maldives and Qatar to elevate financial sector
The Maldives and Qatar have joined forces to elevate the Maldives' financial sector.
The Maldives' Ministry of Economic Development and Trade has signed a Memorandum of Understanding with the Qatar Financial Centre (QFC) to foster knowledge sharing and capacity building.
This strategic partnership aims to realize the Maldives' ambition of becoming a world-class financial hub and bolstering its economic resilience. (Zawya)
Qatar / UAE
Over 25 Qatari companies poised to transform Gulf business landscape
Qatar Development Bank (QDB) is leading a trade mission to Dubai, bringing together over 25 Qatari companies to explore opportunities and form partnerships with Emirati businesses.
The mission, organized by QDB's export promotion arm Tasdeer, is expected to boost trade between the two nations. (Global SME News)
Saudi Arabia / Türkiye
Saudi-Turkish business forum yields 10 agreements
A business forum held in Istanbul showcased opportunities available to Turkish investors in the kingdom, particularly in tourism, healthcare, digital services, and energy.
Both countries aim to increase trade volume and foster partnerships in various sectors, including agriculture, food, technology, and logistics.
Several cooperation agreements were signed during the forum, reflecting the growing economic relationship between the two nations. (Saudi Press Agency)
Malaysia / Vietnam
Malaysia, Vietnam to strengthen ties through halal investments, strategic partnership
Vietnam has urged Malaysian investors to contribute to its halal industry, Deputy Prime Minister Dr Ahmad Zahid Hamidi revealed.
Vietnam seeks Malaysia's expertise in halal development as part of its ambition to become a developed nation by 2045. (The Sun)
Bahrain / UAE
Bahrain and the UAE building on trade pact
Bahrain and the UAE are advancing their collaboration under the January 2024 MoU between their respective ministries of industry.
Technical teams finalized steps to align Bahrain's Takamul Programme with the UAE's National In-Country Value (ICV) initiative.
Bahraini firms can now apply for ICV certification to bid on UAE federal tenders, while Emirati firms gain a 10% preference in Bahrain's Takamul Programme after qualification. (Zawya)
UAE / Albania
UAE and Albania launch inaugural Joint Economic Committee in Tirana
The UAE and Albania have launched their first Joint Economic Committee (JEC) in Tirana, boosting bilateral trade and investment ties.
Co-chaired by the UAE Minister Dr. Thani Bin Ahmed Al Zeyoudi and Albania’s Deputy PM Belinda Balluku, the meeting prioritized collaboration in renewable energy, logistics, infrastructure, agriculture, food security, and technology, with participation from senior officials and private sector leaders from both nations. (Gulf Today)
ESG Developments
OIC / Kazakhstan
IsDB, Kazakhstan launch $1.32bn climate-resilient water project
The Islamic Development Bank (IsDB) and the Republic of Kazakhstan have entered into a significant partnership to launch Phase 1 of the Climate Resilient Water Resources Development Project.
The $1.32 billion initiative, backed by $1.15 billion in IsDB funding, aims to enhance Kazakhstan's water infrastructure and bolster its resilience to climate change.
Key components of the project include the construction of 11 strategic reservoirs for seasonal water storage and flood control, the rehabilitation of 3,400 kilometers of irrigation networks, and the improvement of river flows across 100 kilometers. (Zawya)
