Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ITFC, ICD in partnership to support Mauritania's Nouadhibou Free Zone
Published in The Saudi Gazette on 16 - 08 - 2016

The International Islamic Trade Finance Corporation (ITFC), and the Islamic Corporation for the Development of the Private Sector, members of the Islamic Development Bank (IDB) Group signed a Cooperation Framework Agreement on Monday (Aug.15) in the headquarters in Jeddah.
The agreement aims at enabling Nouadhibou Free Zone Authority (NFZA) to adopt international practices in organization design, human resources management, financial planning and management through a twining program, the leading model of Aqaba Special Economic Zone Authority (ASEZA). Eng. Hani Salem Sonbol, CEO, ITFC and Khalid Mohammed Al-Aboodi, CEO, ICD signed the agreement, with the presence of representatives from both entities.
Launched in June 2013, the Nouadhibou Free Zone (NFZ) was in line with the national vision of the government of Mauritania to develop Nouadhibou Bay as the leading economic pole for the national economy, a trade logistical hub and a commercial gateway for the export of fishery and mineral products. Mauritania, through NFZ, has a great potential to reach multi-sectorial development, which can have the positive needed impact on exports and employment. The success of the Nouadhibou Free Zone can drive the country to export diversification, sustainable economic growth and to increase employment.
The agreement is to provide the cooperation framework between ITFC and ICD, particularly for the implementation of the above mentioned project, which has been approved by the Fourth Meeting of the Aid for Trade Initiative for the Arab States (AfTIAS) Board held in Cairo on Dec. 1, 2015. AfTIAS focuses on the capacity building of trade related institutions, which will contribute to drive the development and management of NFZ as the investment and trade hub for Mauritania.
Eng. Hani Salem Sonbol said "this agreement is a milestone in the AfTIAS Program that reflects its aim to achieve inclusive economic growth with increased employment opportunities and greater competitiveness through trade policy reforms in Arab countries as an integral part of the regional trade and economic integration agenda."
Khalid Mohammed Al-Aboodi elaborated about the aspirations for the future of this agreement by saying "the Nouadhibou Free Zone is a good platform to attract both national and foreign investments to the country within more conducive business environment. Nouadhibou Free Zone with its strong linkages to the national economy in key sectors such as fisheries is also a major gateway to integrate the local economy of Mauritania to the global economy by means of trade and foster closer inter-Arab country cooperation.
Therefore we see high complimentary between the roles of ICD and ITFC as the chairman of AFTIAS under this agreement to support the development of the zone authority in continuation of former efforts by IDB Group that started since 2011."
The project will trigger future interventions related to developing trade infrastructure in the zone under a capable and competent administration and planning body (NFZA). In addition, it will contribute to promoting the role of ASEZA internationally as a center of excellence and role model for special economic zones in Arab countries.


Clic here to read the story from its source.