OIC Economies

OIC wrap: Saudi Arabia, Türkiye to forge stronger defense ties

Here's a roundup of key developments across the OIC ecosystem during the first two weeks of January

Editor's note: The momentum around crossborder agreements, that was at fever pitch in the year gone by, seems to have spilled into this year, with strong state-to-state and entity-to-entity alliances.

Leading the pack is Saudi Arabia, which is looking to tie up with Turkiye to bolster defence cooperation. One step down, financial institutions in both countries are also looking at lucrative agreements. And then, there's Qatar, looking to enhance cooperation with Egypt. 


Trade Developments

Saudi Arabia / Türkiye
Saudi Arabia, Turkiye forge stronger defense ties in high-level talks
Saudi Arabia and Turkey are set to bolster defense cooperation following discussions on military capabilities, technology transfer, and scientific research development.

The fourth meeting of the bilateral committee, held in Istanbul, saw the participation of Saudi Assistant Minister of Defense Talal bin Abdullah Al-Otaibi, Turkish Deputy Minister of Defense Celal Sami Tufekci, and President of Turkey’s Defense Industry Agency Haluk Gorgun. (Arab News)

Egypt / Qatar
Egypt, Qatar discuss ways of enhancing future cooperation
Egypt and Qatar are exploring avenues to strengthen future cooperation, as confirmed by a statement from the Ministry of Planning and Economic Development.

Minister of Planning and Chairman of the Sovereign Fund of Egypt (TSFE), Hala ElSaid, met with Qatari Ambassador Tariq Ali Al Ansari to discuss ways of enhancing collaboration. (Zawya)

Saudi Arabia / Türkiye
Saudi Exim inks line of credit agreements with Turkey Finans
Saudi Exim Bank has inked line of credit agreements totaling $51 million with Türkiye Finans Katılım Bankasi and Albaraka Türk Katilim Bankasi.

These agreements aim to enhance trade between Saudi Arabia and Turkey, facilitating the smooth flow of Saudi non-oil exports into Turkish markets.

The deal with Türkiye Finans Katılım Bankası A.Ş is valued at $26 million, while the agreement with Albaraka Türk Katilim Bankasi A.S. amounts to $25 million. (Zawya)


ESG Developments

Oman unveils sustainable finance framework in green push
Oman has introduced a sustainable finance framework as part of its efforts to reduce dependence on fossil fuels and attract environmental, social, and governance (ESG) investors.

The framework includes plans to issue financial instruments such as green, social, and sustainability bonds, along with loans and sukuk (Islamic bonds). (Reuters)

Saudi Arabia
Greening Economies: ICIEC and GE Vernova partner for renewable energy solutions
During the COP28 conference, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and GE Energy Financial Services (GE Vernova) have solidified their collaboration through a Memorandum of Understanding (MOU).

The partnership is focused on bolstering sustainable development and climate action across ICIEC’s 49 member states, reflecting a joint commitment to address environmental challenges through innovative and collaborative efforts. (Solar Quarter)


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