12th IsDB Private Sector Forum in Riyadh Sees $6.5 Billion in Agreements

The 12th Private Sector Forum, orchestrated by the Islamic Development Bank (IsDB) Group, recently concluded in Riyadh, marking a significant milestone in its history. Known as the Islamic Bank’s Private Sector Forum Hosts Participants From 83 Countries, this year’s gathering attracted over 2,000 attendees and proved to be a hub of economic activity and innovation. The event saw the signing of 53 agreements valued at approximately $6.5 billion, underscoring its pivotal role in fostering international trade and investment.

Over three days, starting last Sunday, the forum hosted more than 60 expert speakers across 17 engaging sessions and featured exhibits from 32 organizations. These discussions and exhibitions showcased the latest trends and opportunities within the trade, insurance, and investment sectors, offering invaluable insights and networking opportunities to the participants.

Oussama Kaissi, the head of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), highlighted in his closing remarks the forum’s essential role in exploring innovative strategies that integrate various economic sectors. He emphasized, “This year’s forum has been instrumental in facilitating a valuable exchange of knowledge among leading experts and stakeholders, driving forward our collective goals.”

Adding to the significant outcomes of the forum, Hani Salem Sonbol, the acting CEO of The Islamic Corporation for the Development of the Private Sector (ICD) and CEO of the International Islamic Trade Finance Corporation (ITFC), spoke about the critical role of the private sector in stimulating economic growth. He noted, “The private sector is a vital engine of growth, job creation, and poverty alleviation in our member countries.”

Under Sonbol’s leadership, the ICD has been a cornerstone in catalyzing private sector investments, having disbursed over $4.5 billion since its inception in 1999. These investments span diverse sectors such as finance, infrastructure, agriculture, manufacturing, and energy, all aimed at sustainable development.

The forum not only served as a platform for high-stakes agreements but also as a think tank where innovators and leaders could collaborate on solutions to some of the most pressing economic challenges facing their countries. This annual gathering in Riyadh has grown to be a cornerstone event for policymakers, business leaders, and economists committed to fostering economic development through private sector empowerment in the Islamic world.

As we reflect on the success of the Islamic Bank’s Private Sector Forum Hosts Participants From 83 Countries, it becomes clear that such gatherings are crucial for sustaining and amplifying the efforts towards economic resilience and prosperity in developing economies. The connections forged, and the agreements signed here will undoubtedly influence the trajectory of economic development in the participating countries, offering a brighter future through enhanced cooperation and innovation.