Jeddah, Saudi Arabia – In a significant move to foster collaboration and bolster trade and investment flows, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer, and Saudi Pak Industrial and Agriculture Investment Company Limited (SAPICO) announced the signing of a Memorandum of Understanding (MoU) for cooperation.

Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Rizwan Ahmed, CEO of SAPICO, signed the MoU, setting the stage for a strategic partnership that aims to facilitate trade and investment initiatives within the SAPICO joint venture.

Outlined in the MoU are extensive areas of collaboration, which encompass regular exchanges of crucial information, endeavors to boost proficiency in promoting trade and investment, and mutual backing in curating educational seminars and workshops. Furthermore, the MoU highlights a commitment to enhancing food security, broadening the scope of intervention, and directing support towards investments that fuel the creation of climate-resilient, renewable energy infrastructure in the country.

Reflecting on this collaboration, Mr. Oussama Kaissi, CEO of ICIEC, stated, “This MoU is a testament to our dedication to bolstering intra-trade and intra-investment between our member states, Saudi Arabia and Pakistan. By consolidating our resources, expertise, and strengths, we set the stage for enhanced trade and investment avenues with the potential to bring about significant positive transformations to both economies. Our alliance with SAPICO is a source of great enthusiasm, and our resolve to achieve shared success in our collaborative efforts is steadfast.”

This partnership aligns with both parties’ shared vision of fostering international trade and economic development and enhancing cooperation between the respective countries.