ITFC finances $100m to boost Maldives energy sector

Officials pose for a photo at the agreement signing ceremony.
Updated 07 January 2018
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ITFC finances $100m to boost Maldives energy sector

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB), signed with the State Trading Organization (STO), a government owned company in the Maldives, a syndicated Murabaha financing agreement for $100 million.
The Murabaha financing will secure more than 75 percent of the purchase of petroleum product requirements of the Maldives to help boost the economy.
The agreement was signed by Nazeem Noordali, ITFC COO, and Ahmed Shaheer, managing director, STO, in the presence of Mohamed Mihad, Chief Financial Officer, STO, under the auspices of Maldives Finance Minister Ahmed Munawar.
Highlighting the importance of this partnership, Noordali highlighted the importance of maintaining oil price stability in the Maldives
“Securing the energy sector is not only critical for the economic growth of the Maldives, but it is essential for households and public administration that would serve all economic sectors,” he said.
Praising the level of cooperation between STO and ITFC, Shaheer said: “With the government embarking on infrastructure development projects aiming to strengthen and diversify its economy, this financing will serve as the building block for the future growth of the Maldives.”
This deal comes in line with ITFC’s strategy of focusing on key sectors for member countries and supporting intra-OIC trade. Also, leveraging IsDB Group and external partnership.
ITFC has provided $145 million of financing in the Maldives since its inception in 2008.


Dhaka-bound passengers from Jeddah reach home

Updated 24 May 2018
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Dhaka-bound passengers from Jeddah reach home

  • All 141 passengers and 10 crew members onboard were evacuated safely, and were cared for by the airline’s ground operations team and airport personnel.
Saudi Arabian Airlines (Saudia), the national flag carrier of the Kingdom, greeted passengers returning to Dhaka following a brief stay in Jeddah due to an irregular occurrence on one of its aircraft.
Flight SV3818 operating from Madinah to Dhaka on Monday diverted to Jeddah for an emergency landing due to nose gear malfunction, which became apparent mid-flight. The aircraft was an Airbus A330-200, wet-leased to Saudia.
All 141 passengers and 10 crew members onboard were evacuated safely, and were cared for by the airline’s ground operations team and airport personnel.
Upon concluding all safety and health checks, the passengers were cleared to fly the next day. The Saudia ground operations team conducted all formalities and clearances in order for the guests to fly to Dhaka at 7:30 p.m. Jeddah local time on Tuesday.
Greeting the guests at King Abdulaziz International Airport in Jeddah prior to departure was Director General of Saudi Arabian Airlines, Saleh bin Nasser Al-Jasser, along with representatives from the airline, civil aviation authority and crew.
“Saudia thanks the onboard crew, General Authority of Civil Aviation, and King Abdul Aziz International Airport control for providing their cohesive, full support and cooperation during the event,” the airline said in a statement.
The flight arrived in Dhaka at 4:48 a.m. Dhaka time on Wednesday where they were met by the Saudia country manager and the station staff.
Currently in its 73rd year of operations, Saudia is a member of the International Air Transport Association (IATA) and the Arab Air Carriers Organization (AACO).
The airline currently flies to 90 destinations across four continents with a fleet of 147 narrow and widebody aircraft.
At the 2017 Skytrax Awards held at the Paris Air Show, Saudia was awarded the “World’s Most Improved Airline” of the year.