The Global Islamic Economy Summit announces title sponsors

Thomson Reuters and the Dubai Chamber of Commerce & Industry, the organisers of the upcoming ‘Global Islamic Economy Summit’ (GIES), announced their partnership with ADIB and Dubai Islamic Bank, who are taking on the role of Title Sponsors of the event.

The Global Islamic Economy Summit announces title sponsors

The Global Islamic Economy Summit announces title sponsors

In addition, the leading Nutrition, Health and Wellness company, Nestlé Middle East, signs up as Diamond Sponsor, while Emirates NBD, Qatar First Bank and the Global University of Islamic Finance (INCEIF) have also signed on as Gold Sponsors, while the Dubai Multi Commodities Centre (DMCC), Afridi & Angell Legal Consultants, Société Générale and MasterCard have signed on as Silver Sponsors.
GIES is held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. While in line with Dubai’s Islamic Economy Strategy announced by His Highness on October 5, the conference also seeks to addresses the challenges and opportunities the industry faces and its contribution to the global economy.
Russell Haworth, Managing Director – Middle East & North Africa, Thomson Reuters, said, “The calibre of sponsors supporting GIES is testament to the local and international interest in the opportunities that the Islamic Economy presents. From leading local, regional and Islamic banks that aspire to become international players, to a European bank that sees a huge opportunity in this sector, to a global food producer, education, consumer credit and legal services providers and the largest free zone in the UAE, our sponsors will be invaluable to the success of GIES.”
Tirad Al Mahmoud, CEO at A DIB said, “At A DIB, we hold an unwavering commitment to playing a role in the development of the Islamic finance industry. We are very excited to be lead supporters for The Global Islamic Economy Summit – an ideal platform to share our core values as an expanding Islamic financial services institution with the wider community in the UAE, region and beyond.”
GIES, Dr Adnan Chilwan, Chief Executive Officer of DIB said. “Being the first Islamic bank in the world, Dubai Islamic Bank is proud to play its role in the Global Islamic Economy Summit. As pioneers of Islamic banking, DIB has been at the forefront of developments in the Islamic financial sector over the past four decades. We have consistently added value to the franchise and contributed to the growth and development of all sectors of the UAE economy. Our vision of becoming the most progressive financial institution in the world is fully in line with the vision of the leadership of this great country. Today, with our rich heritage, unrivalled expertise and tradition of innovation, we are perfectly positioned to play a key role in Dubai becoming the global capital of Islamic economy.”
GIES aims to initiate critical dialogue on the development of the integrated sectors of the Islamic Economy, covering Islamic financial services, Halal food, Halal Lifestyle, Halal Travel, SME Development and Islamic Economy Infrastructure such as standardization and research.
Yves Manghardt, Chairman and CEO Nestle Middle East FZE, commented on the company’s role as a sponsor: “As the leading Nutrition Health and Wellness company, Nestlé is proud to be a partner of the Global Islamic Economy Summit. We have been pioneers in providing a wide range of Halal food options for Muslim consumers around the world, and we are delighted to be part of Dubai’s initiatives to highlight the importance of the Halal sector as a key component of the Islamic economy and culture.”
The Summit will also feature ground-breaking market studies and other announcements such as the winners of the ‘Islamic Economy Award’ which recognises a mix of regional and global leaders from 14 Islamic economy sectors.
GIES will take place on 25th – 26th November, 2013 at Madinat Jumeirah in Dubai. GIES will gather leading thinkers, policy makers and stakeholders from around the world to lead a discussion on the future of the Islamic economy.

Almarai Acquires Argentina’s Fondomonte for $83 Million

Dec. 21 (Bloomberg) — Almarai Co., Saudi Arabia’s largest food producer by market value, acquired Fondomonte SA, a company that owns and operates three farms in Argentina, for 312 million riyals ($83 million).

The Riyadh-based company financed the transaction from its cashflow and Islamic banking facilities, Almarai said in a statement to the Saudi bourse today. Almarai is expanding its supply chain and access to feed for its dairy herd and poultry business, “in line with the Saudi government’s trend to secure supplies and preserve local resources,” the company said.

Saudi Arabia, the Arab world’s largest economy, is encouraging food companies to invest in Africa and Asia to reduce local grain production and conserve water. The government is seeking to end the cultivation of water-intensive crops, including wheat, in the country by 2016.

A group of Saudi Arabian investors said in October 2009 they planned to establish the International Agriculture and Food Investment Co., a 2 billion-riyal company to invest in agricultural projects. Savola Al-Azizia United Co. said in October it agreed to buy 78 percent of two Egyptian food companies for 556.5 million Egyptian pounds ($93 million).

Almarai is expanding outside the Arabian Peninsula’s most populous country to meet rising demand for dairy and poultry products. The company plans to raise 1.5 billion riyals next year from the sale of Islamic bonds to fund growth, Chief Financial officer Paul-Louis Gay said on Nov. 30.

“We estimate that feedstock comprises some 30 percent of Almarai’s direct input costs, so any savings will translate into attractive gains in margins,” said Asim Bukhtiar, an equity analyst at Riyad Capital. “The key risk with the transaction is further correction in agriculture commodities, which could erode benefits.”

Almarai’s shares rose 1.3 percent to 98 riyals at 11:06 a.m. in Riyadh, giving the company a market value of 22.5 billion riyals. The stock has lost 12.8 percent this year, compared with a 4.5 percent loss for the benchmark Tadawul All Share Index.

http://www.businessweek.com/news/2011-12-21/almarai-acquires-argentina-s-fondomonte-for-83-million.html

French keen on learning from Saudi experience in Islamic banking: Envoy

JEDDAH: French academics have shown their keenness to make use of Saudi expertise and experience in Islamic banking and finance, said Saudi Ambassador to Paris, Muhammad bin Ismail Al-Asheikh.

The ambassador made this comment while holding a reception in Paris on the occasion of the launch of an academic chair titled “Financial morals and principles: Islamic banking as a model.”

The chair is established in Sorbonne University as a joint research project of King Abdulaziz University (KAU) in Jeddah and the French university.

“Saudi Arabia is a good reference for Islamic banking and finance,” the ambassador said, expressing hope that the chair would support French economy with new researches in Islamic finance.

He commended the role of Saudi businessmen in supporting such research projects in Saudi and foreign universities. The new chair is financed by Muhammad Hussein Al-Amoudi, a prominent Saudi businessman.

A large number of Saudi and French academics, economists and Islamic banking experts attended the ceremony in Paris, including Osama Tayeb, president of KAU and Professor Christine Mengin, vice chancellor of Sorbonne University.

http://arabnews.com/economy/islamicfinance/article541319.ece