Global executives attend Islamic finance program in Jeddah

The program attracted Nigerian, British, Ugandan, Jordanian, Saudi, Spanish, French, Lebanese and Indian participants.
Updated 15 May 2019

Global executives attend Islamic finance program in Jeddah

Representatives from financial and academic institutions around the world attended a four-day international executive program in Islamic finance in Jeddah.

The program was jointly organized by the Saudi-Spanish Center for Islamic Economics and Finance at the IE Business School in Madrid, the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank, and the Islamic Economics Institute (IEI) of King Abdul Aziz University, Jeddah.

In his opening remarks at the event, Vice Dean of Postgraduate Studies and Research Dr. Hasan Makhethi said the course aimed to enhance knowledge and experience in Islamic finance and provide networking opportunities for participants.

He said the IEI was delighted that the partnership among the organizing institutions has created “a platform for alternative finance in order to raise awareness among academics and business people about the importance of ethics and morals in finance and business.”

“IRTI is an important partner in the success of the program, as it is enhancing both the academic and practical sides of the program,” Dr. Makhethi added.

Dr. Kaleem Alam, program manager, noted that Islamic finance is no longer alien to the world of finance, and that there is growing demand globally, especially in Africa, to learn and implement Shariah-complaint finance.

The program was designed for executives interested in gaining knowledge and developing contacts in the Islamic finance sector. Participants attended workshops, roundtable discussions and academic sessions covering the fundamental principles, key concepts and modes of Islamic finance, as well the importance of ethics in business.

The program attracted participants of Nigerian, British, Ugandan, Jordanian, Saudi, Spanish, French, Lebanese and Indian nationalities. There were also participants from the Saudi Arabian Monetary Authority (SAMA), Jaiz Bank and the Microfinance Support Center Limited (MSC).

Participants also visited a number of organizations in Jeddah, including KAU, IDB, THIQAH, SEDCO Capital and the National Commercial Bank.

Some of the prominent trainers included Dr. Sami Al-Suwailem, Mr. Khalid Gama, Dr. Ahmed Belouafi and Dr. Mansoor Durrani.

Bashair A. Alnahari, a participant from SAMA, said: “It was one of the most valuable and enjoyable programs I have ever attended.”

Mawani hands over land to NPCC for fabrication yard

Updated 26 February 2020

Mawani hands over land to NPCC for fabrication yard

Saudi Ports Authority (Mawani), a specialized entity responsible for constructing and managing ports in the Kingdom, and the National Petroleum Construction Company (NPCC), a part of Senaat Abu Dhabi, have concluded a handover ceremony of the land allocated by Mawani to NPCC for the construction of a state-of-the-art fabrication yard at the Ras Al-Khair Port, located on Saudi Arabia’s northeastern coast. 

The ceremony was attended by Ibrahim Ismail Mohamed Alhosani, councilor at the UAE Embassy in Riyadh, and Mohammed Al-Shammary, vice president of Saudi Aramco’s procurement and supply chain management. The agreement was signed by Ahmed Al-Dhaheri, CEO of NPCC, and Abdulla Al-Shahrani, director of Ras Al-Khair Port, as well as a number of officials from Saudi Aramco, Mawani and NPCC. 

The ceremony was held on the sidelines of the fifth edition of the In-Kingdom Total Value Add Program for the Supply Sector (IKTVA) forum and exhibition. NPCC was the platinum sponsor of the event, which was organized by Saudi Aramco at the Dhahran International Exhibition Center in Alkhobar on Feb. 24 and 25.

The handover of the land follows an agreement signed between NPCC and Saudi Aramco in 2018 to build a fully integrated fabrication yard and marine base in Ras Al-Khair, at an investment value of SR160 million ($42.6 million), to be built over 450,000 square meters. The fabrication yard is expected to create more than 2,000 jobs. 

“Saudi Arabia is currently undergoing a profound transformation across all vital economic sectors, in line with the objectives of Saudi Vision 2030 to strengthen economic diversification, while focusing on developing the manufacturing capabilities of Saudi establishments led by Saudi professionals,” said Al-Dhaheri.”

“We are honored to play a part in supporting the ambitious plans with the development of the new fabrication yard in Saudi Arabia. This has long been a main area of focus for us, especially since we have several strong partnerships with leading national companies and institutions, such as Saudi Aramco.”

Al-Shahrani said: “We are delighted to hand over the allocated land to NPCC, which has demonstrated its commitment to investing in the Kingdom and developing the infrastructure and services of the Kingdom’s energy sector. We thank NPCC’s management for the project, as the Ras Al-Khair fabrication yard will have a positive impact on the economy — from enhancing local manufacturing capabilities to providing Saudis with access to rewarding job opportunities.”