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

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.”

King Abdullah Port sponsors logistics forum

Updated 18 September 2018

King Abdullah Port sponsors logistics forum

King Abdullah Port has signed an agreement to sponsor the Supply Chain and Logistics Conference organized by the Transport Ministry. The conference, which will take place on Oct. 15-16 in Riyadh, will be held under the patronage of Transport Minister Dr. Nabil M. Al-Amoudi. Decision-makers, experts and officials from major local and international companies involved in the supply chain and logistics sector are expected to attend.

Highlighting the importance of participating in the event, Rayan Qutub, CEO of King Abdullah Port, said: “Our sponsorship of the conference comes within our commitment to cooperate and exchange expertise with the active players of the logistics sector, which recently has been witnessing major developments in terms of business volume, innovation and solutions that complement Vision 2030 and transform Saudi Arabia into a global logistics hub by promoting its position on the Logistics Performance Index issued by the World Bank.”

“Saudi Arabia has a number of components and facilities that enable it to play a key role in this sector at the regional and global levels, and we will play our part in showcasing the best King Abdullah Port has to offer in the logistics sector, such as solutions and facilitation for investors based on the port’s strategic location on the Red Sea. The port is on the main shipping line between the East and West, which significantly enhances the Kingdom’s competitiveness and positions it among the key countries in global trade,” he added.

Qutub will participate in a session for CEOs, where participants will discuss strategic decisions to reshape and keep pace with the global system of supply chains and logistics.

King Abdullah Port previously announced an increase in container handling reaching 1,236,075 TEU during the first half of 2018, marking a new record of 50.5 percent increase compared to the same period last year. Earlier, the port announced a 21 percent increase in its annual throughput by the end of 2017, making it the second largest port in the Kingdom in terms of container handling. 

Run by the Ports Development Company, King Abdullah Port is the region’s first port to be fully owned, developed and operated by the private sector. It has been listed as the fastest growing container port in the world and one of the world’s top 100 ports after less than four years of operation. Eight of the largest shipping lines work at the port, which offers integrated services to exporters and importers.