JEDDAH: The Islamic Chamber of Commerce and Industry (ICCI) has launched an investment company called Foras Investment Co. with the aim of manufacturing low-cost cars, aircraft and satellites.
“Foras will work in collaboration with the Organization of the Islamic Conference (OIC) and the Islamic Development Bank (IDB) with the aim of launching international companies specializing in strategic industries,” ICCI chairman Saleh Kamil said in a press conference in Jeddah yesterday.
Kamil added that the limited joint stock company would have an initial capitalization of SR562 million with 20 percent IDB stake. Businessmen from Saudi Arabia, Kuwait, Egypt, Senegal and Mauritania will also invest in the company.
“The company will launch several industrial projects in OIC member countries with the aim of supporting the economies of those countries and solving their economic woes such as unemployment and poverty to a great extent,” Kamil said.
The company will also strive to promote bilateral tourism, infrastructure development and establish free trade zones in the OIC member countries, the chairman added.
Speaking on the occasion, IDB President Ahmad Muhammad Ali said that IDB would assist the company with the required management and technological expertise in addition to capital.
