|
 ICD
Headquarters, 10th June 2006 __ In order to support income-generating
projects for Palestinian poor families, and as per the directives
of the CEO & General Manager, Mr. Abdulmajied Bannan, Chairman
of the ICD Solidarity Fund Committee, has recently met Ms. Fatima
El Gadaa, owner of "El Hana" needle work and sewing
workshop in Kalkelia, Palestine, to look into how ICD can support
such projects.
Ms.
El Gadaa has been awarded the IDB Prize (for individuals) in recognition
of her contribution to improving the living conditions for low-income
families in the IDB member countries.
The
Solidarity Fund aims to contribute to social development by raising
awareness in the healthcare and educational sectors in the ICD
member countries, strengthening community and family foundations
in these countries through financial support for healthcare projects
and for those organizations which contribute to raising awareness
in terms of production and environment among the poor, productive
micro projects for the low-income population, projects for increasing
the income of productive families and to sector-based research
and studies and conferences in the member countries.
ICD
Headquarters, June 4th 2006 __ ICD's 6th General Assembly Meeting
was held on 31st May 2006 at the Sheraton hotel in Kuwait, in
conjunction with the 31st Meeting of the Board of Governors of
the Islamic Development Bank (IDB). The meeting was chaired by
H.E. Mr. Bader M. Al-Humaidhi, Kuwaiti Minister of Finance and
IDB Governor for Kuwait.
During
this meeting, representatives of member countries and member financial
institutions approved the Corporation's annual report and financial
statements for the year 1426H (2005) and appointed the external
auditors for FY 1428H (2007). They also elected the members of
the Board of Directors, appointed the members of the Advisory
Board and elected the General Assembly's Chairman and Vice-Chairman
for the next session (1427H-1428H).
In
addition to Dr. Ahmad Mohamed Ali, Chairman, and Dr. Ali A. Soliman,
CEO & General Manager, the new Board of Directors comprises
Mr. Abdulmohsen A. Al-Fares, (representing the Kingdom of Saudi
Arabia), Mr. Adnan Issa Al-Khudair (representing the Arab Asian
Group), Dr. Mehdi Reza Darvishzadeh (Public Financial Institutions
Group), Dr. Mohamed Fathi Sakr (African Group), and Mr. Alisher
Soliev (Asian Group). Three other members representing the IDB
- the largest shareholder - will soon be appointed by the Bank.
On
the other hand, the following Advisory Board members were reappointed
for a three-year term: Mr. Boukary ADJI, Deputy Governor, Central
Bank of West African States (Senegal); Mr. Ismail Hassan, Chairman
of the Board and Managing Director, Misr Iran Development Bank
(Egypt); Mr. Abdul Rashid Hussain, Executive Chairman, RHB Capital
Berhad (Malaysia); Dr. Muhammed bin Sulaiman Al-Jasser, Vice Governor,
Saudi Arabian Monetary Agency (Saudi Arabia); and Mr. Moeen Qureshi,
Chairman, Emerging Markets Partnership (USA).
Besides,
the Corporation held the 33rd meeting of its Board of Directors
and organized a dinner reception to celebrate its 6th anniversary.
The ICD delegation, led by the CEO and General Manager, also took
part in various side events organized in conjunction with the
IDB Group Annual Meeting, such as the 17th annual conference on
the role of the private sector and financial institutions in reinforcing
intra-trade, intra-investments and joint-ventures.
The
next General Assembly meeting will be held, insha Allah, in Senegal
at the end of May 2007.
The
following is a press clipping from the Kuwaiti daily Al-Anba'a
(1st June 2006) covering the Corporation's annual meeting.
 Link
The
Following brochure has been released on the occasion of the completion
of the 6th year to reflect the achievements made so far.
6_year_achievements_(English)
6_year_achievements_(Arabic)
Wednesday,
12th April 2006 __ H.E. Dr. Ali A. Soliman, CEO and General Manager,
has received H.E. Mr. Qassim Ibrahim, Minister of Finance and
Treasury and Governor of the Maldives Monetary Authority. The
delegation also included H.E. Mr. Riluwan Shareef, Deputy Minister,
and H.E. Dr. Hussain Niyaaz, Executive Director of the Department
of External Resources at the Ministry of Foreign Affairs.
During
the meeting, the Minister briefed the CEO on the latest economic
development in his country and the role to be played by the private
sector in the process of development. They both agreed that ICD
can help in the following major areas:
*
Extending financing to medium-sized projects in priority sectors
such as tourism, fish manufacturing, industry and services.
*
Supporting SMEs through a line of financing to be extended to
a local bank. This proposal was previously discussed during the
CEO's visit to the Maldives in 2003.
*
Providing additional financing to the middle-class housing sector
through equity participation in one of the real-estate development
companies established by the government.
At
the end of the meeting, the honorable guest invited Dr. Soliman
and Dr. Marwan Seifeddine, Director of the Investment Operations
and Marketing Department, to visit the Maldives and further discuss
priority areas that can serve as engines for growth in the Republic
of Maldives.
*
CEO & GM
receiving the Maldives' delegation
IDB
Headquarters, Jeddah, 10th April 2006 __ A shareholders' agreement
was signed yesterday at the IDB Headquarter between ICD, the Saudi
Economic and Development Company (SEDCO) and the Bahrain-based
International Investment Bank (IIB) for the establishment of a
real-estate development company in Saudi Arabia. With a capital
amounting to SR 400 million (USD 107 million), the new company's
investments in the next five years are expected to reach SR 10
billion. Its main focus will be on the construction of housing
units and compounds in different regions of the Kingdom.
According
to the feasibility study, there is a supply shortage in terms
of housing units in Saudi Arabia. The establishment of this new
company will help fill in this gap through the construction of
large housing compounds, which will help meet the increasing needs
of the growing population in Saudi Arabia.
The
company will have a special focus on the middle-income population,
which will help provide low-cost housing units in which there
is currently a shortage. The company also aims at improving the
concept of real estate development in the region by adopting innovative
ways and benefiting from foreign expertise to build good housing
units for reasonable prices. It is also expected that this new
entity will contribute to raising awareness in terms of real-estate
investment in the Kingdom and help create new promising investment
opportunities, especially that this sector is characterized by
excess liquidity and lack of investment opportunities.
*
Dr. Soliman (center) signing the agreement
with SEDCO's VP for Marketing, Mr. Soraka Al Khatib (left), and
IIB's CEO Mr. Abed Alzeera
ICD
Headquarters, 25th March 2006 __ H.E. Dr. Ali A. Soliman, CEO
& General Manager, addressed the first forum on Islamic modes
of financing for SMEs, organized in Algiers on 5 March 2006 in
cooperation with the Economic Club of Algeria. About 90 delegates
from the business community and those interested in Islamic finance
attended this event.
During
the Forum, Dr. Soliman stated that ICD's operations expanded geographically
to reach 18 Islamic countries, and that the volume of financing
extended by ICD exceeds USD 479 million. 67 projects were financed
in various sectors, particularly in infrastructure, technology,
banking, healthcare, education, advisory services and transformation
industries. He pointed out that ICD started operations in July
2000 and briefed the audience on the Corporation's terms and modes
of financing as well as the facilities provided in this respect.
Moreover,
the CEO announced to the local press that modern transformation
industries, ICT, energy as well as finance and SMEs are among
the priority sectors for ICD. He invited the Algerian private
sector to benefit from ICD's services with a view to supporting
economic and social development in this member country.
Dr.
Soliman also announced that ICD is planning to open an office
in Algeria and that such decision depends on the expected volume
of business. He pointed out that Algeria is a member country which
has not yet benefited from ICD's private-sector financing facilities.
The
CEO was accompanied by Dr. Marwan Seifeddine, Director of the
Investment Operations Department, and Mr. Ibrahim Fawaz Abel Nour,
Marketing Manager.
ICD
Headquarters, 25th March 2006 __ H.E. Dr. Ali A. Soliman, CEO
& General Manager, took part in the International Forum of
ICT Strategies and Investment (IFISI 2006), organized by the Kingdom
of Morocco in cooperation with the Islamic Development Bank (IDB)
in Marrakech on 1-3 March 2006.
During
the Forum, Dr. Soliman gave a presentation on ICD, highlighting
its activities in the ICT sector and other major development areas.
The Forum was also an opportunity to shed light on IDB's operations.
Talking about investment in ICT, in a press conference attended
by many participants from Morocco and other Arab countries, Dr.
Soliman commended the experience of Injazat
Technology Fund
in which ICD is both a shareholder and a co-manager. He pointed
out that the Fund supports ICT projects by participating in the
equity of promising projects and helping in their management until
they grow and become successful.
In
the presence of Mr. Abdulaziz Khalaf, Director of the IDB Regional
Office in Rabat, Dr. Soliman held side meetings with the organizers
of this event, the advisor to the Moroccan prime minister in charge
of ICT, and representatives of some regional ICT-related bodies
such as Technopark (Casablanca, Morocco). The modes of financing
offered by the IDB as well as some potential financing opportunities
in this sector were discussed during these meetings.
Delegates
from many international organizations, such as the OECD,
the World
Bank, UNCTAD
and the Global
Digital Solidarity Fund took part in this important
event.
*CEO
& General Manager (center) during the IFISI Forum
ICD
Headquarters, 12 Feb. 2006 __ In conjunction with its 33rd Board
meeting (24/01/2006), ICD organized its 2005 Businessman-of-the-Year
and Man-of-the-Year award ceremony. This annual tradition is meant
to honor and encourage outstanding clients and staff members.
The
event was held under the patronage of the Board of Directors,
chaired by HE Dr. Ahmad Mohammad Ali, President of the IDB Group
and Chairman of ICD. It was attended by Dr. Ali A. Soliman, CEO
and General Manager, Mr. Khaled Al-Aboodi, Deputy General Manager,
and senior staff members. Some prominent businessmen also attended
the ceremony.
This
year, the Businessman-of-the-year award went to Mr. Mazen Da'aboul,
CEO and General Manager of Da'aboul and Sayed Company _ one of
ICD's clients in Syria.
The
ceremony was opened by HE Dr. Ahmad Ali who highlighted the important
role and impact of ICD on the development of the private sector
in the member countries. In his speech, Dr. Ali Soliman welcomed
the guests and the award winner, noting that the selection of
the winner is based on wide-ranging criteria set by ICD. He emphasized
that the election of the man of the year, in its various categories,
was totally free and with no management intervention, and that
it is a reflection of ICD's desire to empower its employees and
encourage their participation in running the affairs of the Corporation.
After
the luncheon, Mr. Da'aboul, on behalf of the Da'aboul and Sayed
Company, thanked ICD and the IDB Group for their support to private
businesses. Also, Mr. Bannan delivered a speech on behalf of the
winners in the Man-of-the-year staff elections. The award recipients
were Mr. Abdulmajied Bannan, Director, Portfolio & Follow-up
Department (Man of the Year), Dr. Marwan Seifeddine, Director,
Investment Operations & Marketing Dept. (Director of the Year),
Mr. Ahmad Al-Akwa'a, Follow-up Officer, Portfolio & Follow-up
Dept. (Professional of the Year), Mr. Shahid Aleem Chaudhry, Secretary/Stenographer,
Investment Operations & Marketing Department (Administrative
Assistant of the Year).
Picture of the ICD Team as of 10 Jumada'II 1425 (28/7/2004).
The following new staff members have recently joined our team:
|
Seq.
|
Name
|
Appointment
|
|
Office
of the CEO & General Manager
|
|
Ahmed Amin Rezig |
2/2/2005
|
| Legal Department |
|
Mohamed
Hafed Ould Beddy |
10/1/2005
|
The next meeting of the Executive Committee and
the Board of Directors will respectively take place on 18/2/1426H
(28/3/2005) and 19/2/1426H (29/3/2005).
Schedule of Meetings in 1425H (2004 - 2005)
As of today, 50 IDB member countries have signed the ICD Articles
of Agreement, of which 44 have ratified them and enjoy full membership.
|
