The Islamic Development Bank Group Business Forum “THIQAH” and the Federation of Saudi Chambers (FSC) sign a memorandum of understanding to enhance business and investment opportunities

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The Business Forum of the Islamic Development Bank Group (THIQAH) (www.IDBGBF.org) and the Federation of Saudi Chambers concluded a joint agreement and cooperation by signing a memorandum of understanding (MOU) to facilitate cooperation between the two parties and work closely to enhance, support, and consolidate integration efforts between the economy of the Kingdom of Saudi Arabia and the member countries of the Islamic Development Bank.

The MOU was signed between Eng. Hani Salem Sonbol, the Acting CEO of the Islamic Corporation for the Development of the Private Sector, on behalf of (THIQAH), and Mr. Walid bin Muhammad Al-Orainan, the Acting Secretary-General of the Federation of Saudi Chambers, during the meetings of the Islamic Development Bank and the private sector held from 28 to 30 April 2024G at the InterContinental Hotel Riyadh, Saudi Arabia.

The main objective of the MOU is to exchange investment opportunities that can be implemented in cooperation between the member countries of the Islamic Development Bank Group and to cooperate to organize mutual visits between businessmen in various activities (commercial, service, industrial, investment, agricultural, etc.) and to invite them to attend conferences and forums held by the two parties, in accordance with what It is stipulated by the laws and regulations of each party. Moreover, the MOU aims at exchanging annual work programs to identify areas of joint work and coordinating relevant activities and events, as well as working to prepare a program for holding joint meetings and workshops to achieve the objectives of this memorandum.

Distributed by APO Group on behalf of Islamic Development Bank Group Business Forum (THIQAH).

Contacts:
Twitter: @IDBGTHIQAH
Facebook: @IDBGTHIQAH
LinkedIn: IsDB Group Business Forum – THIQAH
Email: THIQAH@isdb.org
THIQAH@isdb.org

About the Islamic Development Bank Group Business Forum – Thiqa (THIQAH):
The Islamic Development Bank Group Business Forum “THIQAH” is the Bank Group’s window that facilitates communication and coordination between its relevant institutions, private sector companies and relevant institutions in member countries. The main objective of Thiqa is to create a unique platform for effective dialogue, cooperation and comprehensive partnership for business leaders committed to partnering on promising investment opportunities. In performing its role as a facilitator and catalyst, the Thiqa Forum will leverage the Bank Group’s resources to provide investors with the necessary services and confidence, and to establish strategic partnerships with private sector leaders. The primary focus will be on promoting cross-border investment between member countries supported by the Bank Group’s financial products and services. (www.IDBGBF.org).

About the Federation of Saudi Chambers:
The Federation of Saudi Chambers was established, based in Riyadh, pursuant to the Royal Decree No. M/6, dated 30-04-1400H (March 1980G), to undertake the common interests of the 26 chambers of commerce in the Kingdom, represent them at the local and external levels, and strive to develop the role of the private sector in the national economy. The Federation began its actual work by forming its executive body, which stands for its General Secretariat, in 1401H (1981G). This enables the Federation to take rapid steps towards achieving its objectives.

The Federation of Saudi Chambers represents the umbrella of the Saudi business sector and the chambers of commerce in the Kingdom that strives to preserve interests locally and internally, and works to serve the Saudi economy through two main levels:

The Internal level: Transmitting the challenges of the private sector at the national level to government agencies, through a national sectoral committee that assumes the responsibilities of the various sectors and discusses their issues, concerns, and regulations with the competent government agencies.

The international level: Representing the private sector in forums, events, and conferences, as well as participating in formulating international economic policies, strengthening the Kingdom’s trade relations with the world, and enhancing the conditions of Saudi exports through 42 joint Saudi-foreign business councils affiliated with the Federation.

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