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OIC Economies

OIC wrap: Saudi, Morocco look to enhance economic cooperation

Here's a roundup of key developments across the OIC network during the month of June

Saudi Arabia is in the news for all the right reasons. It partnered with Morocco to foster economic cooperation, as well as introduced AI-driven services for the Hajj pilgrimage. 


Meanwhile, Google has partnered with Pakistan to create smart classrooms in an attempt to enhance access to education. 



Trade Developments

Saudi Arabia / Morocco

Saudi Arabia and Morocco look to enhance economic cooperation

Saudi Arabia and Morocco aim to enhance economic cooperation in the mining sector, and empower financial institutions.  


Saudi minister of industry, Bandar Al-Khorayef, met Moroccan officials including the country's energy transition and economy minister.


Al-Khorayef led Saudi Arabia's delegation at the Arab Industrial Development, Standardization, and Mining Organization's 28th General Assembly in Rabat. 


Egypt / Uzbekistan

Egypt, Uzbekistan explore trade, investment opportunities

An Egyptian trade mission, organized by the Egyptian Business Council for International Cooperation (EBCCI), visited Uzbekistan in June to strengthen economic and trade ties.


The delegation included parliament members, senators, and leading businessmen from various sectors.


EBCCI Chairperson Moataz Raslan emphasized discussions on cooperation in industry, agriculture, tourism, health, and education. (Zawya)



IsDB & Kazakhstan sign agreement, discuss development

A framework program agreement was signed in Vienna between Kazakhstan's Deputy Prime Minister and Minister of National Economy, Nurlan Baibazarov, and Islamic Development Bank (IsDB) President, Dr. Muhammad Al Jasser.


Signed during the 19th Meeting of Heads of Institutions of the Arab Coordination Group and the OPEC Fund for Development Forum, the agreement aims to accelerate Kazakhstan’s economic advancement and enhance its competitive ability. (IsDB)


Sierra Leone

IsDB and Sierra Leone join forces to boost socio-economic development

Sierra Leone and the Islamic Development Bank (IsDB) will partner to enhance the country's socioeconomic development. This was discussed between Sierra Leone's President, Julius Maada Wonie Bio, and IsDB Group Chairman, Dr. Muhammad Al Jasser, in Vienna on June 24, 2024.


The meeting, held during the Arab Coordination Group Heads of Institutions meeting and the OPEC Fund for Development International Forum, highlighted Sierra Leone's support for the IsDB and the growing mutual development cooperation. (IsDB)


Company News

Iran / Russia / Turkey

Iranian firm signs oil, gas deal with Russian, Turkish companies

Ghadir Investment Company, Zarubezhneft of Russia, and Turkey's Unit International have partnered to finance and develop oil and gas projects in and outside Iran.


Ghadir will lead exploration and production, with equal financing from both partners. Projects include Darkhowin phase 3, Sepehr and Jofeir oil fields, and the Kish gas field.  (Hürriyet Daily News)




Google partners with Pakistan for educational transformation

Google has teamed up with Pakistan's Ministry of Federal Education to modernize the country's education system.


The partnership aims to enhance access to education for out-of-school children, implement smart classrooms, and establish a local assembly line producing over 500,000 Chromebooks by 2026.


The initiative seeks to expand educational opportunities and equip students for the digital economy. (Arab News PK)



Saudi Arabia

Saudi Arabia introduces AI-driven services for Hajj
Saudi Arabia has implemented AI-driven technologies to enhance the Hajj pilgrimage experience, including smart robots for disinfection, AI multi-lingual guides, and drones for monitoring pilgrim flow.


These innovations aim to manage the large influx of pilgrims, ensure safety, and enhance efficiency.


Augmented reality glasses are used for transportation oversight, while smart golf carts and electric scooters assist pilgrims with mobility issues. (ARY News)




OIC Arbitration Centre to boost foreign direct investment

The Organisation of Islamic Countries Arbitration Centre (OIC-AC) aims to enhance foreign direct investment in Nigeria through dispute resolution.


Dr. Umar Oseni, Secretary General of OIC-AC, stresses the inclusion of dispute resolution clauses in Nigeria's bilateral treaties to bolster investor confidence.


The initiative is set to attract more foreign investment into Nigeria, supported by Central Bank of Nigeria Governor Olayemi Cardoso's emphasis on Islamic banking and finance. (IFC Review)



Intra-OIC trade
Social impact projects
Trade agreements