Jeddah, August 28, 2023, Saudi Pak Industrial and Agricultural Investment Company Limited (SAPICO) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a leading Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, signed a memorandum of understanding regarding cooperation in a move that is sure to promote cooperation and increase trade and investment flows. By signing the Memorandum of Understanding, SAPICO CEO Rizwan Ahmed and ICIEC CEO Oussama Kaissi established the foundation for a strategic alliance that intends to support trade and investment efforts inside the SAPICO joint venture. This MoU is a testament to our commitment to promoting trade and investment between our member states, Saudi Arabia and Pakistan, Kaissi said in a statement about the partnership. By pooling our resources, knowledge, and abilities, we create the conditions for improved trade and investment opportunities that have the potential to significantly improve both economies. We are extremely excited about our partnership with SAPICO and remain strong in our commitment to achieving success in our joint endeavors. This collaboration supports both parties' shared goals of promoting global trade, economic growth, and strengthening intergovernmental cooperation.
