OIC Economies

OIC wrap: IsDB backs education development strategy in Tajikistan

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

Editor's note: The Islamic Development Bank is backing key initiatives, such as Tajikistan's education development strategy to enhance its learning ecosystem. It also inked a preliminary agreement with Azerbaijan on a nationwide engagement framework.

Meanwhile, ITFC, an IsDB Group member, signed an agreement to back Djibouti's energy sector.

The UAE partnered with Uzbekistan to help integrate AI in the latter's landscape. The GCC nation is also looking at investing in Egypt. 


Trade Developments

Qatar / Egypt
Qatar Chamber, Egypt Investment Authority review investment opportunities

Qatar Chamber's first vice-chairman, Mohamed bin Towar al-Kuwari, met with Ahmed Abdulhamid, the vice-president of Egypt's General Authority for Investment and Free Zones, in Doha.


The discussion centered on strengthening economic and commercial ties between the two countries, alongside exploring investment opportunities. (Zawya)



IsDB and Azerbaijan sign MoU on country engagement framework

The Islamic Development Bank (IsDB) and the Ministry of Economy of the Republic of Azerbaijan have inked a memorandum of understanding, marking the commencement of a collaborative effort for the Country Engagement Framework (CEF) spanning from this year until 2026. (IsDB)



IsDB supports implementation of education development strategy in Tajikistan

IsDB and Tajikistan signed financing agreements for a joint project to implement Tajikistan's national education development strategy (phase-II).


The project aims to enhance the learning environment and strengthen the education system to improve student outcomes in Tajikistan. (IsDB)


Egypt / UAE

Egypt, UAE sign major investment deal for Ras al-Hikma peninsula

Egypt and the United Arab Emirates have formed a significant investment partnership to develop the Ras al-Hekma peninsula, injecting $35 billion into Egypt's economy.


The project aims to boost economic growth and address currency challenges, according to Egyptian Prime Minister Mostafa Madbouly.


The UAE's sovereign wealth fund, ADQ, will lead the investment, allocating $24 billion for Ras al-Hekma to create a resort city with an airport managed by the UAE. (Zawya)



Egypt seeks manufacturing, trade cooperation with Arab, Turkish partners

Egyptian minister of trade and industry Ahmed Samir has urged the business communities in Arab and Turkish countries to leverage their robust political relations to enhance economic cooperation across sectors.


He emphasized the importance of joint manufacturing, integration of inputs, bilateral trade, transportation and logistics, agriculture and food production, and energy networks.   (Daily News Egypt)


Saudi Arabia / Egypt

Saudi-Egyptian alliance inks development agreement for $1bn projects

The Egyptian government, through the Arab Organization for Industrialization (AOI), has signed a memorandum of understanding with a Saudi-Egyptian alliance comprising Alupco, Olayan Group, Okta International, and City Edge Developments.


This alliance aims to undertake projects totaling around $1 billion in the near future. (Zawya)


Qatar / Kazakhstan

Qatar, Kazakhstan business roundtable focuses on boosting bilateral trade

Kazakhstan President Kassym-Jomart Tokayev, alongside commerce and industry minister Sheikh Mohamed bin Hamad bin Qassim al-Thani, inaugurated a business roundtable between Qatar and Kazakhstan in Doha.


The event focused on showcasing investment prospects in both nations and exploring avenues to strengthen economic cooperation and partnerships. (Zawya)





Uzbekistan / UAE
Uzbekistan partners with UAE to accelerate tech adoption

The UAE’s Advanced Technology Research Council (ATRC) signed a Memorandum of Understanding with the Ministry of Digital Technologies of Uzbekistan during the World Governments Summit 2024.


This collaboration seeks to utilize ATRC's technical capabilities to integrate artificial intelligence into Uzbekistan's technological landscape and public services. (AFP)



ESG Developments

Saudi Arabia
OIC considers fund for youth support and employment in the Sahel Region and Lake Chad Basin

The OIC held a workshop in Jeddah in February, to implement CFM's recommendations on establishing a fund for youth training, employment, and support in the Sahel region and the Lake Chad Basin.


Participants included officials and experts from member states and relevant OIC organs and institutions. (Zawya)




Republic of Djibouti
International Islamic Trade Finance Corporation (ITFC) signs $90m agreement for Djibouti

ITFC, a member of the IsDB Group, signed a $90 million master Murabaha agreement with Djibouti, facilitated by SIHD.


The agreement aims to support Djibouti's energy supply by importing petroleum products for electricity generation, boosting economic sectors. (Social News)


Saudi Gazette
Saudi-Pakistan business forum begins with $20bn trade target

The Saudi-Pakistani Business Forum commenced in Riyadh, overseen by Minister of Commerce Dr. Majid Al-Qasabi, organized by the Federation of Saudi Chambers.


High-profile representatives from both Saudi Arabia and Pakistan attended the event. (Saudi Arabia / Pakistan)


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