OIC Economies

OIC wrap: Saudi Arabia, Malaysia ink cooperation pact

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

Editor's note: Crossborder agreements seem to continue in momentum as the year draws to a close. 

Leading the pack is GCC's largest economy, which sealed a cooperation agreement with Malaysia to foster halal industry growth. The kingdom also inked seven deals spanning several fields with Tunisia. OIC members  - Iraq and the UAE - meanwhile, agreed on financing trade and imports in the Emirates' currency. 

On a corporate level, Saudi and Turkish companies penned several agreements to bolster trade ties. The Qatari-Saudi Business Council is also reviewing avenues to strengthen trade and investment collaboration.


Trade Developments


Saudi Arabia / Türkiye
Saudi, Turkish companies sign eight agreements to strengthen trade 
Saudi and Turkish companies, as part of the Saudi-Turkish Business Council, signed eight trade agreements aimed at enhancing trade and investment ties between the two countries.

The agreements were formalized during a round table attended by officials, including the Governor of the Saudi Standard, Metrology, and Quality Organization Dr. Saad Bin Othman Al-Kasabi, Turkish Minister of Trade Dr. Omar Bolat, and representatives from the Federation of Saudi Chambers of Commerce. (Saudi Press Agency)

Saudi Arabia / Malaysia
Saudi Arabia, Malaysia sign cooperation agreement 
The Halal Products Development Company (HPDC), a subsidiary of the Public Investment Fund (PIF), has entered into a cooperation agreement with the Halal Development Corporation (HDC) in Malaysia to foster the growth of the halal industry on both local and international fronts.

The agreement, signed during the Halal Expo London 2023, an international exhibition in the United Kingdom, outlines collaboration in exchanging information and experiences related to successful practices and business models in the halal sector.  (Saudi Gazette)

Saudi Arabia / Qatar
Qatari-Saudi Business Council discusses facilitating trade and investment exchange
The Qatari-Saudi Business Council convened to explore avenues for enhancing trade and investment collaboration on the sidelines of the Made in Qatar 2023 exhibition.

Chaired by Sheikh Khalifa bin Jassim al-Thani, Chairman of Qatar Chamber, and Hamad bin Ali al-Shuwaier, his Saudi counterpart, the meeting included council members from both countries. (Zawya)

Pakistan / Türkiye
Pakistan-Türkiye to finalize OIC (TPS-OIC) agreement
Pakistan and Türkiye emphasized the crucial need to finalize the implementation of the Trade Preferential System among the Member States of the OIC (TPS-OIC) agreement on December 4.

Both nations stressed the importance of establishing a clear and achievable deadline for this strategic move. (APP Digital)

Saudi Arabia / Tunisia
Saudi Arabia, Tunisia sign seven deals in various fields
Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, and Tunisian Interim Minister of Economy and Planning, Sihem Boughdiri Nemsia, signed seven preliminary agreements in Tunis during the 11th session of the Saudi-Tunisian Joint Committee.

These MoUs are intended to strengthen cooperation between the two countries across various fields. (Zawya)

Saudi Arabia / Kazakhstan
Saudi EXIM Bank, Development Bank of Kazakhstan ink agreement
The Saudi EXIM Bank has signed a Memorandum of Understanding (MoU) with the Development Bank of Kazakhstan to establish guiding principles for cooperation and bilateral relations. The aim is to enhance the export of products and services between Saudi Arabia and Kazakhstan. (Ajel)

Iraq / UAE
Iraq, UAE agree on financing trade and imports in dirham denomination
Iraq and the UAE have reached an agreement to finance trade and imports using the Emirates' currency, as reported by Iraq's state news agency.

Additionally, the two nations have decided to initiate financial transfer operations, with the initial phase involving five Iraqi banks. This move aims to strengthen economic ties and facilitate financial transactions between the countries. (Zawya)

Qatar / Senegal
Qatar, Senegal chambers discuss ways to bolster private sector ties
Chamber officials from Qatar and Senegal, including Qatar Chamber's second vice-chairman Rashid bin Hamad al-Athba and Federation of Senegalese Chambers vice-president AbdulKader Anjay, convened in Doha to discuss and enhance cooperation ties in the private sector, as well as economic and commercial cooperation between the two countries. (Gulf Times)



ESG Developments


ICIEC joins forces With GE Vernova to promote sustainable projects 
In a significant development at COP 28, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group, formalized a collaboration with GE Energy Financial Services (GE Vernova) through a Memorandum of Understanding (MOU).

The agreement is geared towards enhancing sustainable development and climate action across ICIEC’s 49 member states. (ICIEC)


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