OIC roundup: UAE, Azerbaijan to develop economic partnership 

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

Editor's note: GCC countries are going strong on key crossborder partnerships, with the UAE looking to foster economic ties with Azerbaijan and Egypt.

The GCC states, alongside Turkiye, are also pinning hopes on a free trade zone. 

ESG Development

Afghanistan
UNICEF brings safe water to rural communities through KSRelief funding
UNICEF and the Afghanistan Humanitarian Trust Fund (AHTF), under the mandate of the Islamic Development Bank (IsDB), have successfully completed a $2 million project to provide climate-resilient and sustainable water supply services in Afghanistan.

Funded by the King Salman Humanitarian Aid and Relief Center, the initiative has benefited over 30,000 people across 18 remote communities in Paktia and Logar provinces. (IsDB)

Trade Developments

Egypt / UAE
Egypt, UAE discuss petroleum cooperation
Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, met with Sheikh Mohammed Saeed Al-Dhanhani, head of the government of Fujairah, UAE, to discuss enhancing petroleum cooperation and exploring investment opportunities.

Badawi highlighted the strong ties between Egypt and the UAE, noting their advanced infrastructure in petroleum storage and handling. (Zawya)

GCC / Türkiye

GCC States, Turkiye pin high hopes on free trade zone

Turkiye and the Gulf Cooperation Council (GCC) are in negotiations to establish one of the largest free trade zones globally, according to Turkish officials.

The potential agreement would significantly enhance trade, which reached $31.5 billion in 2023.

The deal aims to align with global economic conditions and create new opportunities for the private sector, particularly in agriculture and technology exports. (Zawya)

GCC / Indonesia

GCC, Indonesia Sign Joint Statement to Launch Free Trade Negotiations

Gulf Cooperation Council (GCC) secretary general Jasem Albudaiwi met with Indonesian trade minister Zulkifli Hasan in Jakarta, where they emphasized the importance of strengthening cooperation between the GCC and Indonesia to enhance economic ties.

During the meeting, both parties signed a joint statement to initiate negotiations for a GCC-Indonesia free trade agreement, according to the Saudi Press Agency. 

UAE / Azerbaijan

UAE and Azerbaijan agree to develop economic partnership

The UAE and Azerbaijan agreed to enhance economic cooperation in sectors including entrepreneurship, tourism, and renewable energy during the ninth session of their joint intergovernmental commission in Shusha.

The talks, led by UAE Minister of Economy Abdulla bin Touq Al Marri and Azerbaijani Minister Mikayil Jabbarov, reflect over three decades of strategic partnership, highlighted by recent high-level exchanges. (MOEC GOV)