OIC wrap: Key Mideast countries look to bolster bilateral agreements
Here's a roundup of key developments across the OIC ecosystem during the first two weeks of November
Editor's note: Cross-border agreements have historically been a stronghold in the Middle East, leveraging strategic strengths of partner countries for transnational gains. If anything, this has gained momentum in recent times.
Qatar held key discussions to bolster trade and investment with Senegal, and is looking to review ties with Lebanon. Other GCC nations Oman and Saudi look to establish projects in economic zones, while the UAE and Jordan sign a massive investment MoU to boost bilateral cooperation.
Trade Developments
Qatar / Senegal
Qatar, Senegal review trade, investment ties
Qatar's Minister of Commerce and Industry, Sheikh Mohammed bin Hamad bin Qassim Al Thani, held discussions with the visiting Minister of Commerce, Consumer Affairs, and Small and Medium Enterprises of Senegal, Abdou Karim Fofana.
The meeting centered on mutual interests, focusing on bolstering collaboration in trade, investment, and industry between the two nations. (The Peninsula Qatar)
Saudi Arabia
Friday’s Saudi-African Summit set to establish strategic cooperation in key sectors
The upcoming Saudi-African Summit in Riyadh is anticipated to play a pivotal role in fostering strategic cooperation across political, economic, investment, security, and cultural domains, assert knowledgeable sources.
The summit aims to strengthen mutual interests, promoting development and stability between Saudi Arabia and African nations. (Zawya)
Bahrain
Bahrain-Bosnia trade ties to get a boost with reciprocal visa regime
The anticipated implementation of a reciprocal visa system between Bahrain and Bosnia and Herzegovina is poised to bolster bilateral trade and investments.
Jawad Al Hawaj, Chairman of the Bahrain-Bosnia and Herzegovina Friendship and Business Society, anticipates that this move will significantly contribute to fostering cooperation in the realms of economy, tourism, and culture. (Zawya)
Oman / Saudi Arabia
Oman, Saudi Arabia discuss opportunities to establish projects in economic zones
In Riyadh, discussions unfolded on Tuesday regarding the potential for strengthening economic cooperation and exploring investment opportunities within the economic zones, free zones, and industrial cities of the Sultanate of Oman.
Held at the Federation of Saudi Chambers, the meeting convened a delegation from Oman's economic zones, free zones, and industrial cities, alongside members of the Saudi-Omani Business Council and prominent representatives from major companies and businessmen in the Kingdom of Saudi Arabia. (Zawya)
Qatar / Azerbaijan
Qatar, Azerbaijan sign agreement to enhance labour ties
Qatar and Azerbaijan have inked a memorandum of understanding (MoU) to strengthen cooperation in labor-related matters. The agreement, signed on the sidelines of the Islamic Conference of Labour Ministers in Baku, outlines a collaborative strategy between the two countries' labor ministries.
The MoU emphasizes the exchange of experiences, research, and mutual visits, particularly in areas such as labor relations, inspection, and occupational safety and health. (Zawya)
Egypt / Malaysia
Egypt, Malaysia to boost cooperation in petroleum field
Egypt's Cooperation Petroleum Company (Copetrole), a subsidiary of the Egyptian General Petroleum Corporation (EGPC), has entered into a cooperation protocol with Malaysia's Petronas to strengthen collaboration in the petroleum sector.
The agreement outlines joint efforts in exchanging experiences, with a particular emphasis on research and development. Additionally, both entities will provide consultations on new investments, fostering a mutually beneficial partnership in the field of petroleum. (Zawya)
Qatar / Lebanon
Qatar and Lebanon review trade ties
Qatar's Minister of Commerce and Industry, Sheikh Mohammed bin Hamad bin Qassim Al Thani, held discussions with the Caretaker Minister of Economy and Trade of Lebanon, Amin Salam.
The meeting focused on mutual interests, with an emphasis on enhancing cooperation in trade, investment, and industry between the two nations. (The Peninsula Qatar)
Tajikistan
Tajikistan and Islamic Development Bank leaders to advance economic ties
The President of the Islamic Development Bank, Dr. Muhammad Al Jasser, engaged in discussions with the President of Tajikistan, Emomali Rahmon, to strengthen existing ties and promote economic collaboration.
The meeting, preceding the OIC extraordinary Islamic summit on November 11 in Riyadh, aimed at enhancing the partnership. President Rahmon expressed satisfaction with the Islamic Development Bank's contributions to socio-economic development projects in Tajikistan and its ongoing support in addressing global challenges. (IsDB)
The Gambia
IsDB and The Gambia fortify development ties
President of the Islamic Development Bank (IsDB), Dr. Muhammad Al Jasser, engaged in discussions with Gambian President Adama Barrow in Riyadh, focusing on strengthening cooperation between IsDB and The Gambia.
The meeting built on their previous encounter earlier this year, where they assessed progress on key infrastructural and educational projects funded by IsDB. (IsDB)
ESG Developments
Azerbaijan
ACWA Power teams up with UAE’s Masdar to develop clean energy projects in Azerbaijan
ACWA Power of Saudi Arabia is set to collaborate with Masdar (Abu Dhabi Future Energy Co.) to develop 500 megawatts of renewable energy projects in Azerbaijan, as per a memorandum of understanding signed with the State Oil Co. of Azerbaijan.
The joint venture aligns with Azerbaijan's ambitions for net-zero emissions and contributes to global decarbonization efforts. (Arab News)
Investment
UAE / Jordan
UAE and Jordan sign $2bn investment MoU to boost bilateral cooperation
The UAE's Ministry of Investment has inked a $2 billion memorandum of understanding (MoU) with Jordan, establishing a framework for investment cooperation.
The agreement encompasses investment in infrastructure and development projects, with a focus on strengthening the enduring strategic partnership between the two nations. (Arab News)
