DOHA, 29 December 2005 — Gulf Organization for Industrial Consulting (GOIC) signed a Memorandum of Understanding (MOU) with Gulf One Bank in Doha for strengthening cooperation between the two. Ahmed Al-Mutawa signed the MOU on behalf of the GOIC while Dr. Nahed Taher, CEO, signed it on behalf of Gulf One Bank. The two parties agreed to create strategic partnership with the target of developing industrial investment in the region, developing income sources and financing medium and large-scale projects with the participation of the private sector.
“The Gulf industry has large chances for financing where oil surpluses have accumulated and it is expected that they continue for a long period of time,” said Al-Mutawa. “Also, the Gulf stock market has witnessed many shakes and the construction sector might reach saturation stage within the coming three years. The alternative for GCC member states will be investment in the industry sector which will also be the solution for the unemployment problem,” he said.
On her part, Nahed said, “It is our pleasure to establish a strong partnership in the field of industry in GCC member states and the bank will be the financial arm of GOIC not only in the field of industry, but in knowledge-based industry as well. Circumstances are suitable for such an action, and coordination and cooperation between the two parties will cover a number of diversified projects.”
Nahed also added that the bank is directed toward financing the projects that will result in creating greater income in addition to partnerships with banks and international industries and financing ventures that are associated with energy and oil-based industries.