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.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (www.ICIEC.ISDB.org) proudly announces the approval of its Annual Report and Audited Financial Statements for the year 2023 by the Board of Governors during the 2024 Annual Meetings of the Islamic Development Bank Group (IsDB) held in Riyadh, Saudi Arabia.

The ICIEC’s Annual Report details a year of operational resilience and exceptional financial performance, showcasing a significant 14.4% year-on-year increase in insured trade and investment transactions, amounting to USD 13.3 billion. The Corporation also reported an increase in its Gross Written Premium, which soared by 6.4% to USD 98.3 million from USD 92.4 million in the previous year. 130% improvement in corporate net results reflects ICIEC’s ability to effectively manage policyholder commitments, enhanced value proposition and demonstrates fostering confidence of our member states.

2023 was a year of strategic market penetration and portfolio diversification for ICIEC. The Medium Term and Investment Insurance segment experienced a substantial growth of 49.3%, reaching USD 73.6 million. This growth underscores ICIEC’s commitment to expanding its footprint and enhancing client trust in its services.

ICIEC maintained its Moody’s “Aa3” rating for the 16th consecutive year, affirming its position as a leading entity in the credit and political risk insurance industry. The year also marked the inclusion of Azerbaijan as ICIEC’s 49th member state, expanding the Corporation’s geographical coverage within the OIC member countries.

In a historic milestone, ICIEC’s cumulative insured business surpassed USD 108 billion over its 30-year history, significantly contributing to social and economic development across various sectors globally.

ICIEC expanded strategic partnerships, notably in sustainable energy and food security, with the signing of several MoUs. The Corporation’s efforts in climate action were highlighted at COP28 and through initiatives like the Energy Transition Accelerator Financing Platform (ETAF) which is managed by The International Renewable Energy Agency (IRENA).

As part of the IsDB Group’s Food Security Response Program (FSRP), ICIEC approved USD 788 million to tackle global food security challenges, underlining its dedication to supporting sustainable development goals.

Mr. Oussama Kaissi, the CEO of ICIEC, commented, “2023’s achievements reflect our robust strategic initiatives and our resilience in the face of global economic and geopolitical challenges. Our continued success is a testament to the hard work of our team and the trust of our members and clients. We are dedicated to continuing our mission of fostering economic development and promoting cross-border investments in member countries.”

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Media Contact:
Rania Binhimd
Communication Department
Email : Rbinhimd@isdb.org

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, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligation, and Investment Insurance Products. 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 also has achieved a significant milestone by attaining an “AA-” long-term issuer credit and financial strength rating from Standard&Poor’s (S&P), with a stable outlook and the highest within its peer group globally. 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      
Follow ICIEC on
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The Basketball Africa League (BAL) (BAL.NBA.com) today announced the lineup of artists and entertainers who will headline the entertainment acts at the Dakar Arena when the BAL Sahara Conference group phase tips off on May 4 in Dakar, Senegal. The list of entertainers include: Daara J Family, Mia Guissé, VJ, DJ Beenouch, DJ Dollar among others.

Fan Zone

The Fan Zone, situated at the Dakar Arena parking lot, will be open to fans on game days from 2:00 p.m. to 9.30 p.m. and during weekends from 12:30 p.m. to 8:00 p.m. GMT.  The Fan Zone will offer a range of activities for both the young and adults, including 3-on-3 basketball games, food trucks, a photo booth, and musical performances by Afroelektra.

In-Arena Entertainment

The Sahara Conference fan in-arena experience will feature pre-game and halftime performances by music artists, dancers, drummers, and dunk teams. Fans can expect the biggest Senegalese artists on stage and curated music experience from DJs such as DJ Dollar, DJ Beenouch and DJ Chanel. Starting May 4, every game will showcase diverse performers catering to all age groups; Daara J Family, VJ, New Generation crew, l’Equipe Sacrée and DJ Dollar will perform during the opening weekend.  Dip Doundou Guiss and Jeeba will close the conference with halftime performances during the closing weekend May 11-12, 2024.

Tickets are now on sale at BAL.NBA.com and Teewtickets (https://apo-opa.co/4a1S08T). Single game tickets start at 2500 XOF.  Fans can save up to 35% off single game ticket prices for group packages by emailing BalTickets@thebal.com, and up to 20% off tournament pass tickets during the Sahara conference group phase by selecting two, four or all games.  Fans who purchase tickets will also have free access to the BAL Fan Zone at the arena in each market. 

ENTERTAINMENT SCHEDULE:

DATE

PERFORMANCES

4 May

Game One Halftime: Ngaaka Blindé
Game two Halftime: Daara J Family

Timeout: Power Crew
 

5 May

Game One Halftime: Step Lord
Game Two Halftime: VJ
Timeout : Step lord&DUNKERS
 

7 May

Game One Halftime: New Generation Crew 
Game Two Halftime: Mia Guissé
Timeout : New Generation Crew

9 May

Game One Halftime : L’equipe Sacree 
Game Two Halftime : Iss814 Beats
Timeout :  L’equipe Sacree

11 May

Game One Halftime: Step Lord
Game Two Halftime :Dip Doundou Guiss
Timeout: Step Lord 

12 May

Game One Halftime: Power Crew
Game Two Halftime: Jeeba 
Timeout: Power Crew 

Distributed by APO Group on behalf of Basketball Africa League (BAL).

In the recent Global Trade Review (GTR) awards announcement, RMB (www.RMB.co.za) has been awarded as the Best Trade Finance Bank in Southern Africa and for the Best Trade Finance Deal in Africa for the Sovereign Trade Finance transaction – a collaboration with the Multilateral Investment Guarantee Agency (MIGA) and the Ministry of Economy and Finance for Côte d’Ivoire, to facilitate a trade-backed facility to support crucial trade related initiatives.

Said Ben Bechet from RMB’s Trade and Working Capital, Head of Structured Solutions team: “While RMB has a proud history of supporting sovereigns on the continent, this is a first of its kind facility for an African sovereign and brings a new, sizable liquidity pool into play. This transaction will pave the way for further short-term trade facilities across the continent to assist with developmental initiatives, critical projects and the importation of crucial goods such as food, fertilizer and medicines alongside other resources.”

“Through the strong anchoring of the facility structure, positive Environmental, Social and Governance (“ESG”) reporting track record and market support on this transaction, subsequent to deal closure and announcement last year, RMB have been working with the Ministry of Economy and Finance of Côte d’Ivoire to increase the size of the facility. This not only highlights the confidence the market has in the Republic of Cote’ D’Ivoire, but also the positive impact the facility has made as a sustainable and cost-effective solution within the Ministries funding mix. Although we have been recognized as the best Trade Finance bank in Southern Africa for the past 3 years, this best deal award demonstrates our reach and impact covers the entire continent.”

RMB has over the years, been providing various solutions to the African Sovereign market, from syndicated lending facilities, Green Bonds, Eurobonds and more recently short-term structured solutions to provide budgetary support. This collaboration with MIGA continues RMB’s proud history of providing new and innovative solutions for our clients on the continent and further entrenches our position as one of the leading trade finance banks in Africa. 

Mergan Naidoo, Head of Trade at RMB commented: “This deal was a demonstration of intentional collaboration with purpose. Africa is in desperate need of sustainable solutions that create value for the continent by accessing global credit appetite and packaging it in a simple, cost effective and, most importantly, meaningful way. This milestone transaction took time, perseverance and ‘grit’ that forged relationships geared toward accelerated scalability, linear to the value returned to the continent.”

“We are delighted to have won both these awards, and that this is the 6th consecutive year we have won the award for Best Trade Finance Bank Southern Africa. These awards are proof of RMB’s trade finance capabilities and success in forging partnerships with insurance, guarantee and export credit agency providers to extend meaningful funding support to our clients across Africa. Collaboration with development financial institutions and multilaterals remains key to truly unlocking new opportunities to support our clients,” concluded Bechet.

Distributed by APO Group on behalf of Rand Merchant Bank.