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ICD, Al-Ajial sign deal for co-investing in Morocco

In view of a partnership for investments in Morocco, the Islamic Corporation for the Development of the Private Sector (ICD) and Al-Ajial Funds (Al-Ajial) have signed a memorandum of understanding (MoU).
The memorandum was signed during the G8 Deauville Partnership Investment Conference in Skhirat, Morocco, by ICD, represented by its CEO Khaled Al-Aboodi, and by Al-Ajial Funds, represented by its Chairman and CEO Waleed Faisal Al-Fehaid,
Through this partnership, ICD and Al-Ajial Funds express their willingness to establish a framework of cooperation in order to co-invest in potential projects within Morocco’s private sectors.
Morocco benefits from a dynamic private sector, with the second highest concentration of existing entrepreneurs in the MENA region. The Kingdom, with an economy in continuous expansion, has established a strong business environment that is politically stable and encourages development of the private sector.
Al-Aboodi said: “ICD is particularly interested in Al-Ajial Funds’ experience in supporting Morocco’s private sector and its strong record of successful accomplishments. Joining our forces to accompany the development of Morocco’s private sector is an important milestone for ICD’s investment strategy in the Kingdom.”
Al-Fehaid said: “Al-Ajial Investment Fund Holding is one of the most prominent investment vehicles in Morocco and aims at expanding its investments in different preponderate sectors of the nation’s economy. Al-Ajial Funds, a subsidiary of Al-Ajial Holding, welcomes the opportunity to be in a partnership with ICD, as it could engender interesting investments in the country’s many promising sectors.”
The partnership will benefit from each investor’s experience and synergies in order to expand investments in Morocco.
During the G8 Deauville Partnership Investment Conference, both partners reiterated their firm engagement in making this partnership a win-win success.
Kuwait Investment Authority (KIA) has been very attentive to the economic developments of different sectors and foreign direct investment achieved by Morocco this past decade. In this perspective, KIA created Al-Ajial Funds, a subsidiary of Al-Ajial Holding, in December 2006 and aims to actively contribute to the economic development of Morocco by encouraging important wealth generating sectors through diversified investments. The fund operates in various sectors including real estate, tourism, industry and finance.
The ICD is a multilateral organization affiliated with the Islamic Development Bank (IDB) Group. Its authorized capital stands at $2 billion, of which $1 billion is available for subscription. Its shareholders consist of the IDB, 51 member countries, and five public financial institutions.
Headquartered in Jeddah, ICD was established by the IDB board of governors during its 24th annual meeting held in Jeddah in November 1999.
The mandate of ICD is to support the economic development of its member countries through provision of finance to private sector projects in accordance with the principles of the Shariah law. ICD finances projects that are specifically geared to creating employment opportunities and boosting exports.
Furthermore, ICD mobilizes additional resources for projects and encourages the development of Islamic financing and capital markets. It also attracts co-financiers for its projects and provides advice to governments and private sector groups on policies aimed at encouraging the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhancing the role of market economy.

URL: http://www.arabnews.com/news/535276