Jeddah – The Islamic Development Bank (IDB) plans to enter the Saudi housing sector through investments that are being prepared by technical teams in cooperation with the Saudi Housing Ministry.
The bank also inked an agreement with the Saudi Education Ministry tasking the bank to find solutions for the unemployment crisis driven by the discrepancy between education programs and labor markets demands.
The Islamic Development Bank stressed the importance of focusing on comprehensive solutions set in its new policy, which will adopt a network that links many countries in order to exchange expertise and skills among its 57 member states.
IDB official spokesperson Dr. Abdulhakim Elwaer revealed to Asharq Al-Awsat a new partnership with Saudi Arabia in different sectors, including housing, education, labor and human resources.
Elwaer noted that the IDB President Ahmed Mohamad Ali made important steps in this matter in January and found positive feedback among different Saudi ministries and governmental entities, which will cooperate in the partnership.
He added that the president, accompanied by 20 experts, met officials in many ministries and entities in Riyadh earlier this year. Those agencies included the ministries of housing, education and agriculture, the King Abdullah Economic City and many other institutions. Discussions focused on determining the ministries’ top priorities in which they will partner with the bank.
Elwaer revealed that the Islamic Development Bank will soon unveil the details of the new strategic partnership with Saudi Arabia.
The bank inked an agreement with the Education Ministry to help it in empowering graduates in finding jobs.
The ministry of education confirmed that Dr. Ahmad al-Issa and Dr. Bandar bin Mohammad Hajjar signed a Memorandum of Understanding (MoU) that includes a program to develop youth capacities.
Commenting on the MoU, Hajjar stressed the IDB’s commitment to find innovative solutions to counter unemployment by providing programs of literacy and support to youths, noting that addressing unemployment requires the cultivation of the needed skills among the young generation.