News Column

East Kazakh governor invites ICD to explore investment opportunities

May 25, 2014

ICD CEO Khaled Al-Aboodi, right, addresses the meeting of coordination council of the Financial and Banking Association of Member Countries of the Cooperation of Shanghai in Almaty.


Khaled Al Aboodi, CEO of the Islamic Corporation for the Development of the private sector (ICD), member of Islamic Development Bank Group, was invited to attend the meeting of coordination council of the Financial and Banking Association of Member Countries of the Cooperation of Shanghai.

The main objective of this meeting was to enhance collaboration and attract financing and investments to Member Countries of the Cooperation of Shanghai.

During the meeting, Al-Aboodi addressed the participants and delivered a presentation on ICD's activities, products and services on Friday. In addition, he presented the different Islamic modes of finance and highlighted ICD's operation mechanisms in its member counties.

ICD was invited during the meeting to join the forum as a member and a proposal was made to enhance collaboration by signing a strategic MoU between ICD and the association to promote economic development and encourage the flow of investments between member countries through the creation, expansion and modernization of institutions and private sector companies.

Meanwhile, as part of the mission of the CEO of the ICD to Kazakhstan, Al-Aboodi had a meeting with the governor of East Kazakhstan Oblast, Berdibek Saparbaev.

Saparbaev invited ICD and its network of investors to explore the various investment opportunities existing in the region, especially in agriculture and agri-business, logistics and transport sectors.

ICD has indicated its interest to look at examining the specific projects, which were presented by the governor for the purpose of investing or financing them if they are in line with ICD's investment guidelines.

In addition, Al-Aboodi affirmed that the first ICD's sponsored investor from the UAE is scheduled to visit the region during the first week of June 2014.

The objective of the visit is to study the possibility to establish a halal food hub for Central Asia Region, Russia and China in collaboration with leading strategic investors such as Emirates Future (UAE).

The ICD and Emirates Future signed a MoU recently for establishing a strategic partnership in order to develop the halal food industry in the world.

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Source: Arab News (Saudi Arabia)