JEDDAH: Sheikh Saleh Kamel announced that he will invest $2 million in the Republic of Tatarstan's Technology Investment Fund which will have an initial capital of $10 million. The capital will then be increased to $100 million. Officially, the establishment of the Fund is expected to be announced at Kazasummit 2011. Kamel, the chairman of the Council of Chambers of Commerce of the Kingdom of Saudi Arabia, and chairman of the Islamic Chamber of Commerce of Jeddah, heads the delegation from the Jeddah Chamber of Commerce and Industry that is currently visiting Tatarstan. During a meeting with the President of Tatarstan Rustam N. Minnikhanov, they discussed the prospects of the Republic to become a major center of Islamic Finance in Russia. Earlier, Sheikh Saleh Kamel proposed opening a bank in Tatarstan, which would work within the Islamic tradition. The global financial crisis has shown everyone that such banks are less exposed to the risks, he said. During the meeting with Linar Yakupov, the chairman of Small and Medium-size Enterprises Development Committee of Tatarstan (Russian side) presented a number of investment agriculture, construction and Halal industry development projects. Tatarstan is actively engaged in cooperation with the Arab countries and believes that the visit of the business delegation will give a major boost to future bilateral relations.
