The private sector institutions of the Islamic Development Bank (IsDB) Group successfully organized the 12th edition of the “Private Sector Forum – 2024”. Held from 28th to 30th April 2024 at the Intercontinental Hotel in Riyadh, Saudi Arabia, the Forum took place on the sidelines of the Annual Meetings of the IsDB and the Golden Jubilee of the Islamic Development Bank under the patronage of the Custodian of the Two Holy Mosques, King Salman Bin Abdelaziz Al Saud.
The primary objective of the Private Sector Forum was to provide a unique platform for the global business community to connect, network, and explore investment and trade opportunities offered by member countries. Additionally, the Forum showcased IsDB Group activities, projects, services, and initiatives across member countries, highlighting the organizations’ role in promoting Public Private Partnership (PPP) projects and its services to the private sector. This event served as a gateway for potential investors interested in Saudi Arabia and as a platform to promote the KSA Vision2030.
The event attracted more than 2,000 participants, including government officials, Chairpersons, Presidents, and CEOs of local and international companies, multilateral and financial institutions, chambers of commerce and industry, business associations, investment promotion agencies, individual investors, and entrepreneurs. The Forum facilitated parallel business to business (B2B) and business to government (B2G) meetings, enabling business communities across member countries to establish valuable connections. Moreover, the event featured exhibitions for partners, a competition for start-ups, and, for the first time, recognized and awarded notable organizations and personalities has been recognized and awarded by the IsDB Group entities.
In his address, H.E. Dr. Muhammad Sulaiman Al Jasser, Chairman of the IsDB Group, remarked: “The 12th edition of IsDB Group Private Sector Forum, taking place this year in the Kingdom of Saudi Arabia, has successfully promoted the integration of the public and private sectors, which is crucial for the economic and social development of our member countries. It is the responsibility of the public sector to develop infrastructure and legislation to foster an attractive business climate for the private sector to stimulate production and create jobs” H.E. Dr. Muhammad Sulaiman Al Jasser thanked the attendees for their participation in the Forum, which included 17 sessions, more than 60 speakers, 32 exhibitors, and more than 2,000 participants representing 60 countries and witnessed the signature of 61 agreements with amount of US$ 6,486 billion.
Mr. Oussama Kaissi, CEO of 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, on the impactful outcomes of the forum, stated: “The Private Sector Forum has served as a crucial platform for ICIEC to explore innovative strategies that merge trade, insurance, and investment sectors, especially in line with Saudi Arabia’s Vision 2030. This year’s forum has been instrumental in facilitating a valuable exchange of knowledge among leading experts and stakeholders.” “Moreover, the Forum played a critical role in highlighting the importance of these sectors in fostering economic diversification and sustainability. Our approach at ICIEC, guided by robust underwriting, reinsurance, and risk management policies, has significantly contributed to this effort. With over US$ 108 billion in cumulative trade and investment insurance, focusing on key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture, we have been able to identify challenges and opportunities that align with Vision 2030, fostering essential partnerships. ICIEC remains committed to driving economic growth and sustainable development in our member states through strategic insurance and investment solutions.” added Mr. Kaissi .
Reflecting on the success of the Private Sector Forum, H.E. Eng. Hani Salem Sonbol, the Acting CEO of The Islamic Corporation for the Development of the Private Sector (ICD), and CEO of the International Islamic Trade Finance Corporation (ITFC), highlighted the core focus of their activities on sustainability and development. He expressed hope that the forum effectively presented existing co-financing opportunities available for the private sector and discussed potential solutions in sustainable development. Eng. Hani Salem Sonbol emphasized the importance of the private sector as a vital driver of economic growth, job creation, and poverty alleviation in member countries. The ICD has been instrumental in this effort, having disbursed more than USD 4.5 billion to unlock private sector investment in finance, infrastructure, agriculture, manufacturing, and energy for sustainable development since its inception in 1999. This is a testament to their commitment, with a record of 451 approved projects in 50 countries. He reaffirmed ITFC’s commitment to supporting private sector growth, underscoring the collaborative efforts in empowering businesses and driving economic progress across member countries. Over the last 15 years, ITFC has approved a cumulative total of US$ 18.5 billion in support of private sector and SME clients, accounting for 25 % of its trade finance portfolio.
For more information, please visit the Private Sector Forum website (www.ISDBG-PSF.org).
Distributed by APO Group on behalf of Islamic Development Bank Group Business Forum (THIQAH).
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About Islamic Development Bank (IsDB):
The Islamic Development Bank is a multilateral development bank that works to improve the lives of those it serves by promoting social and economic development in Muslim countries and communities around the world and making a difference at scale. Through collaborative partnerships between communities in its 57 member countries, the Bank seeks to equip communities to drive their own economic and social progress at scale, and put the infrastructure in place to enable them to realize their potential. The Bank’s new business model of “making markets work for development” contributes to enhancing the competitiveness of our member countries in strategic industries in order to improve participation and upgrading in global value chains. This is in the field of food and agricultural industries, textiles, clothing, leather, shoes, petrochemicals and petroleum, construction, and Islamic finance. The Bank also promotes innovative and sustainable solutions to the biggest development challenges in the world, and takes advantage of the scientific potential in technology and innovation as strategic drivers of economic growth, and we also work to achieve the United Nations sustainable development goals.
About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States. ICIEC, for the 16th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.
For more information, visit: http://ICIEC.IsDB.org
About the Islamic Corporation for the Development of the Private Sector (ICD):
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization affiliated with the Islamic Development Bank (IsDB). It supports the economic development of its member countries by providing financial assistance to private sector projects in accordance with the principles of Shari’ah. It also mobilizes additional resources for projects and encourages the development of Islamic finance. ICD’s operations complement the activities of IsDB in member countries and also those of national financial institutions. ICD has 55 member countries and five public financial institutions as its shareholders and has an authorized capital of USD 4 billion.
Website: https://ICD-PS.org
About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$ 75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
About the Islamic Development Bank Group Business Forum (THIQAH):
The Islamic Development Bank Group Business Forum (THIQAH) is the window of the IsDB Group that facilitate contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging IsDB Group’s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group’s financial products and services. (www.IDBGBF.org)