Islamic Development Bank signs deal with UN bodies to boost food security, fight malnutrition

Islamic Development Bank signs deal with UN bodies to boost food security, fight malnutrition
The deals will tackle food security and malnutrition faced by many IsDB member countries. (File)
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Updated 19 September 2023
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Islamic Development Bank signs deal with UN bodies to boost food security, fight malnutrition

Islamic Development Bank signs deal with UN bodies to boost food security, fight malnutrition

RIYADH: In a significant step to boost food security and fight malnutrition in member countries, the Islamic Development Bank has signed a trilateral agreement with two UN bodies.   

The deal, signed with the Food and Agricultural Organization and the International Fund for Agricultural Development, focuses on strengthening small-scale farmers and providing them with affordable technologies to ensure food security among rural communities.   

Mansur Muhtar, vice president of operations at the bank, underscored the importance of this cooperation in tackling the pressing challenges of food security and malnutrition faced by many IsDB member countries.

“Our collaboration with FAO and IFAD will have a crucial role in identifying appropriate technologies for inclusion in IsDB’s Food Security Response Program and other agricultural projects,” Muhtar noted.

Thanks to technological advancements, small-scale producers can now contribute to sustainable agricultural growth and food security.

“A majority of countries in the Near East and North Africa region projects increasing rates of food insecurity and malnutrition,” said AbdulHakim Elwaer, assistant director general and regional representative for the Near East and North Africa at FAO.

He said the agreement will “facilitate identification of technology” that can be mainstreamed “throughout the crop value chain to improve livelihoods of smallholder farmers and food security among the entire population.”

The agreement marks the initial step in the FAO-IsDB partnership following the signing of a memorandum of understanding in 2020.

“The current cooperation agreement is a major milestone in our joining forces with other partners to help reach the United Nations Sustainable Development Goals and Saudi Vision 2030,” Thouraya Triki, director of sustainable production, markets, and institutions division at IFAD, said.

“We aim to share our knowledge and technical expertise with FAO and IsDB and benefit from this joint initiative to promote the scale of these technologies and strengthen the capacities of rural farmers to help them reduce costs and increase production, income, and food security, Triki added.

These transferable technologies will aid in advancing low-carbon agriculture, enhancing resilience, combating poverty, fostering job creation, and mitigating vulnerability to climate-related risks.

This collaborative effort also seeks to utilize innovative tools and approaches, allowing rural households and smallholder family farmers to prosper despite challenges.

In addition to increasing agricultural productivity, these technologies and solutions are expected to pave the path for low-carbon, sustainable practices.

On the sidelines of the 78th session of the UN General Assembly in New York, the presidents of the Kyrgyz Republic and the bank met to strengthen bilateral ties and facilitate socio-economic development projects in the Central Asian country.

Muhammad Al-Jasser conveyed to Kyrgyz President Sadyr Japarov that the IsDB Group had initiated the preparation of the Member Country Partnership Study for the Central Asian country.

He also stated that the MCPS will facilitate the creation of concrete initiatives and projects for the Kyrgyz Republic’s people, aligning with the bank’s new strategic direction and with the republic’s national development agenda.


NVB launches CEO Club in the Kingdom, to work closely with Invest Saudi

NVB launches CEO Club in the Kingdom, to work closely with Invest Saudi
Updated 18 sec ago
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NVB launches CEO Club in the Kingdom, to work closely with Invest Saudi

NVB launches CEO Club in the Kingdom, to work closely with Invest Saudi

Aiming to foster a conducive work environment for global leaders, National Vision Business Co. Ltd. launched the first international club exclusively designed for chief executives, chairpersons, board members and diplomatic heads.

Fayez Al-Hamrani, managing director and CEO of NVB, stated that they are delighted to have launched the CEO Club in the Kingdom and will work to invite over 18,000 members worldwide to Saudi Arabia in the coming period.

He further noted that his company aims to promote qualitative local and international relations and create a unique work environment for industry leaders.

Underscoring the region’s solid political and economic position, he emphasized that the Kingdom’s presence in the G20 will enhance the role of the club by highlighting projects launched by Saudi Arabia, including NEOM, The Red Sea, Qiddiya and others.

“The Invest Saudi initiative is one of the key programs our company will work on in coordination with the Ministry of Investment,” he stated.

He said his company is coordinating with the relevant government and semi-government agencies to present the best international CEO award in 2024.


Saudi Arabia to host 12th session of OIC’s statistical committee

Saudi Arabia to host 12th session of OIC’s statistical committee
Updated 02 October 2023
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Saudi Arabia to host 12th session of OIC’s statistical committee

Saudi Arabia to host 12th session of OIC’s statistical committee

RIYADH: Amid efforts to enhance communication and collaboration between countries, Saudi Arabia is set to host the 12th session of the Organization of Islamic Cooperation statistical committee.

According to a statement by the General Authority for Statistics, the two-day meeting will take place from Oct. 3-4 in Jeddah.

The engagement cements the Kingdom’s standing globally and in the Arab world, given that this is the first time the gatherings have been held outside its headquarters in Turkey.


KSA expands coffee production to further diversify economy

KSA expands coffee production to further diversify economy
Updated 02 October 2023
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KSA expands coffee production to further diversify economy

KSA expands coffee production to further diversify economy

RIYADH: In an effort to further diversify its oil-dependent economy, Saudi Arabia is increasing its coffee production to achieve a relative balance with crops that yield high economic returns. The country aims to plant 1.2 million coffee trees by 2026, reported the Saudi Press Agency.

As the Kingdom ascends to the ranks of the world’s top 10 coffee-consuming nations, the government is prioritizing this commodity through various initiatives, aiming to stimulate sector growth and increase production. 

In a country where nearly 400,000 Arabica coffee trees yield over 800 tons of coffee annually, primarily in Jazan, Asir and Al-Baha regions, this shift underscores coffee’s burgeoning cultural and economic significance.

In commemoration of World Coffee Day, observed annually on Oct. 1, the Ministry of Environment, Water, and Agriculture has released substantial statistics about coffee farming in the southern region.

Currently, there are over 2,535 coffee farms in this area, including more than 500 model coffee farms. 

The emphasis on expanding Arabica coffee production in 15 additional governorates in the southwestern region aligns with the objectives of Vision 2030, demonstrating the government’s commitment to supporting the national economy through the coffee industry.

This development underscores the dual role of coffee as a cultural tradition and an economic force in the country.


First regional sukuk meet calls for scientific approach to deal with risks

First regional sukuk meet calls for scientific approach to deal with risks
Updated 02 October 2023
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First regional sukuk meet calls for scientific approach to deal with risks

First regional sukuk meet calls for scientific approach to deal with risks

RIYADH: Global financial experts called for a scientifically guided approach to managing the risks associated with sukuk transactions during a meeting in Cairo on Sunday.

This event, held under the theme “The Importance of Strengthening the Role of Sukuks in Sustainable Development: Presentation and Analysis of International Experiences,” was organized by the Arab Administrative Development Organization in partnership with the Albaraka Forum for Islamic Economy and the Egyptian Islamic Finance Association. 

The Saudi Press agency reported that the discussions convened industry leaders to explore how a bond adhering to Islamic finance principles can power investments in sectors aligned with sustainability objectives.

As the global economy undergoes rapid transformation, conference discussions focused on the dynamic role of sukuk in adapting to this evolving landscape.


Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD

Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD
Updated 02 October 2023
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Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD

Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD

RIYADH: Abu Dhabi’s non-oil economy grew by 12.3 percent in the second quarter of 2023, accompanied by a 3.5 percent increase in its overall gross domestic product, reported the Statistics Centre — Abu Dhabi.

The emirate’s real non-oil GDP soared to 154 billion dirhams ($42 billion), marking its highest since 2014. This increase represents a record for the first quarter of the current year, surpassing 146 billion dirhams.

SCAD’s statistical estimates revealed growth in the construction sector, with a year-on-year increase of 19.1 percent, reaching 25.3 billion dirhams.

The financial sector also grew 29.7 percent in the second quarter compared to the same period last year, reaching 18.3 billion dirhams.

The manufacturing sector also advanced 7 percent in the second quarter to 25 billion dirhams compared to the year-ago period.

The real estate sector climbed to 9.8 billion dirhams in the second quarter from 9.3 billion dirhams in this year’s first quarter.

Furthermore, wholesale and retail trade activities reached their highest quarterly value since 2014, amounting to 16.7 billion dirhams.

These activities contributed 5.8 percent to the GDP in the second quarter of 2023.

Ahmed Jasim Al-Zaabi, chairman of the Abu Dhabi Department of Economic Development, emphasized: “The continued strong performance of Abu Dhabi’s economy despite mounting challenges in the global economic landscape reaffirms the success of the emirate’s diversification strategy and adaptability to market shifts.”

Last month, S&P Global Ratings anticipated that the UAE would achieve 3 percent economic growth in 2023, primarily driven by the non-oil sector.

The analysis from the rating agency forecasts a further expansion rate of 4 percent next year.

Trevor Cullinan, a sovereign ratings analyst at the agency, pointed to the impressive expansion of the UAE’s non-oil sector, citing significant strides in services and industrial domains, reported the Emirates News Agency.

Identifying key sectors that are steering the UAE’s economic growth, Cullinan mentioned oil and gas, wholesale trade and industry, real estate, construction and financial services.

The rating agency also reported that the employment growth in the UAE last month was at its highest since October 2016, even as the Purchasing Managers’ Index hit 56.6, up from 56.1 in September.