ADIB becomes first bank to join UAEIIC

ADIB will join government decision-makers, locally and internationally, with the support of the UAE’s minster of economy. (Photo/Supplied)
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.”


Qiddiya names global advisory board

Updated 15 July 2018
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Qiddiya names global advisory board

Qiddiya, the entertainment, sport and cultural destination being built 40 kilometers outside Riyadh, has announced the formation of its global advisory board. The board, made up of 12 expert advisers, will be a core part of supporting Qiddiya, which is expected to attract 17 million visitors and employ some 60,000 people over the next decade.
Qiddiya is a core part of Vision 2030’s aspiration to diversify the Saudi Arabian economy and enable wider societal transformation. The advisers come with varied backgrounds, such as entertainment, hospitality, grass roots and elite sports, adventure and motor activities, and culture and the arts. They also bring specialist insight from the worlds of planning and design, finance, regulation, and commercial real estate development.
Michael Reininger, chief executive of Qiddiya, said: “Qiddiya is meant to be a living concept that activates and inspires the young people of Saudi Arabia through a broad spectrum of new experiences and opportunities for their lifestyles and their professional endeavors. Through these efforts, we hope to help grow tomorrow’s national heroes. By bringing together luminaries from so many sectors, we seek to inspire our own long-term vision and to inform our efforts, enabling business decisions bolstered by the very best international insight and experience.”
The advisers will have a role advising Qiddiya’s board and executive team. They will collectively advise on best practices within a broad range of subject matters from their own experiences, and introduce potential operators and investors for the opportunities offered by the rapidly growing Saudi market.
Reininger added: “This is a project conceived on an unprecedented scale; it will be not just a physical construct, but a vision that is powered by people. We need both the practical experiences and blue-sky perspectives from expertise outside of the daily pursuit of our mission to build something of current relevance and enduring potential. Our advisory board will be a vital source of inspiration, provocation and evaluation.”
Almamoun Alshingiti, Qiddiya’s official spokesperson, said: “Not only will Qiddiya’s impact as a destination be increased by the skills of the advisory board members, but the project’s ability to influence several socio-economic issues will be too.”
He added: “The collective experience of the advisory board will enhance the project’s role in economic diversification, public health issues, urban development, youth skills, entrepreneurship and female empowerment; all areas that will prove critical to the enduring legacy of the project in its transformative role in Saudi society.”
The members of the advisory board are: Alex Kyriakidis, Alistair Gosling, Bill Reese, Bob Ward, Gilda Perez-Alvarado, Maxwell Anderson, Michael Johnson, Michael Pask, Rosa Zeegers, Stephen Schwarzman, and Tim Richards.