IsDB Group Private Sector Institutions to Host Private Sector Forum

The Islamic Development Bank (IsDB) Group’s ( private sector institutions, including the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC), are proud to announce the upcoming “Private Sector Forum,” which will take place on May 11-13, 2023, in Jeddah, Saudi Arabia. This event will coincide with the IsDB Group Annual Meetings, held under the High Patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.

The Private Sector Forum’s primary objective is to offer a unique opportunity for the business community across various sectors to connect, network, and explore investment and trade opportunities provided by member countries. Additionally, the forum will showcase IsDB Group activities, projects, services, and initiatives in member countries, highlighting the organization’s role in promoting PPP projects and its services to the private sector. This event will serve as an avenue for potential investors interested in investing in Saudi Arabia and a platform to promote the KSA vision 2030.

The event is expected to attract more than 2,500 participants, including government officials, Chairmen, 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 will also facilitate parallel B2B and B2G meetings, enabling business communities across member countries to establish valuable connections. The event will feature an exhibition for partners and a competition for start-ups, and for the first time, notable organizations and personalities will be recognized and awarded by the IsDB Group entities.

The Private Sector Forum will also feature prominent speakers sharing their in-depth perspectives with the IsDB Group Entities Chief Executive Officers, Mr. Oussama Kaissi, the CEO of ICIEC, Eng. Hani Salem Sonbol, the CEO of ITFC, and the Acting CEO of ICD. The speakers will share success stories, experiences, and best practices for promoting investment and trade opportunities in member countries.

The Private Sector Forum is a significant opportunity for partners and leading stakeholders to foster relationships, share knowledge and expertise, and discover new investment and trade opportunities.


About 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 Obligations, and Investment Insurance Products. ICIEC, for the 15th 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$ 95bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

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.

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$69 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.


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