Saudi Minister of Communications and Information Technology tours ITC site

Minister of Communications and Information Technology Abdullah Amer Al-Sawah inspected the progress of a project in Dammam’s Al-Nakheel neighborhood.
Updated 06 March 2018
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Saudi Minister of Communications and Information Technology tours ITC site

During a recent field visit, Minister of Communications and Information Technology Abdullah Amer Al-Sawah saw the progress of the urban fiber optic broadband services initiative — one of the initiatives of the National Transformation Program 2020 and part of Vision 2030.
Al-Sawah inspected the progress of the project in Dammam’s Al-Nakheel neighborhood, which is supervised by the Integrated Telecom Company (ITC).
This is the minister’s second visit to ITC projects after the previous one in the central region.
Ghassan Itani, CEO of ITC, explained the details and different stages of the project within the planned schedule to the minister. ITC oversees several neighborhoods in Dammam, including Al-Nakheel, Al-Khaleej, Anoud, Salam, Aziziyah, Qadisiyah and Al-Faisaliah.
Abdullah Al-Kanhal, deputy minister of infrastructure, and several other officials from the ministry joined Al-Sawah in this visit.
ITC is working on covering 640,000 households in different cities across the Kingdom.


ADIB becomes first bank to join UAEIIC

Updated 23 June 2018
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ADIB becomes first bank to join UAEIIC

Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has joined the UAE International Investors Council (UAEIIC), making it the first bank in the UAE to become a member in the council. This comes following an approval from the board of directors of the UAEIIC, headed by Sultan bin Saeed Al-Mansoori, UAE minister of economy.

Through this membership, ADIB will join government decision-makers, locally and internationally, with the support of the UAE’s minster of economy, to help remove obstacles, strengthen foreign investment relations and support sustainable economic development.

Khamis Buharoon, vice chairman and acting CEO at ADIB, said: “We are proud to be the first bank to join the UAE’s Investors Council. We are also committed to the development of Emirati investments, which are critical to economic diversification and the UAE’s global economic competitiveness. Important measures have already been taken to secure support and protection and to overcome any challenges faced by Emirati investors abroad, and we look forward to playing an instrumental role in building on these efforts.”

He added: “The establishment of the UAE International Investors Council forms part of broader efforts to advance economic diversification policies that complement the expansion and growth of the UAE’s private sector as well as create a favorable environment that supports national companies investing abroad. The council provides a vital link between investors interested in promising opportunities available in countries with close ties to the UAE and governmental and semi-governmental entities to streamline the investment process. It also serves as a pillar for ensuring the protection of UAE capital abroad through advice, guidance, and logistic support.”

Jamal Saif Al-Jarwan, secretary-general of the Emirates Council for overseas investors, said: “We have the honor to join Abu Dhabi Islamic Bank as an active member of the council, which contributes to enhancing the role of the council’s working environment to support the state’s economic development and to keep pace with developments in the economic, investment and banking sectors in general, since the measure of success depended not only on financial results but also on how it dealt with the needs changing markets, innovative and sophisticated solutions that keep pace with rapid global changes and shifts in those sectors.”

He added: “Emirati investment abroad plays a vital role in more than 70 countries in the world and has a great impact on the soft and reputed power of our young state in the world, which is a great achievement and a strong demonstration of the path of investment of the Emirati investors in the right direction.”