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IsDB Group Private Sector Institutions organized the 12ᵗʰ Edition of the “Private Sector Forum” Riyadh, Saudi Arabia, 28-30 April 2024

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This event served as a gateway for potential investors interested in Saudi Arabia and as a platform to promote the KSA Vision2030

RIYADH, Saudi Arabia, May 1, 2024/APO Group/ — 

The private sector institutions of the Islamic Development Bank (IsDB) Group successfully organized the 12th edition of the “Private Sector Forum – 2024”. Held from 28th to 30th April 2024 at the Intercontinental Hotel in Riyadh, Saudi Arabia, the Forum took place on the sidelines of the Annual Meetings of the IsDB and the Golden Jubilee of the Islamic Development Bank under the patronage of the Custodian of the Two Holy Mosques, King Salman Bin Abdelaziz Al Saud.

The primary objective of the Private Sector Forum was to provide a unique platform for the global business community to connect, network, and explore investment and trade opportunities offered by member countries. Additionally, the Forum showcased IsDB Group activities, projects, services, and initiatives across member countries, highlighting the organizations’ role in promoting Public Private Partnership (PPP) projects and its services to the private sector. This event served as a gateway for potential investors interested in Saudi Arabia and as a platform to promote the KSA Vision2030.

This year’s forum has been instrumental in facilitating a valuable exchange of knowledge among leading experts and stakeholders

The event attracted more than 2,000 participants, including government officials, Chairpersons, Presidents, and CEOs of local and international companies, multilateral and financial institutions, chambers of commerce and industry, business associations, investment promotion agencies, individual investors, and entrepreneurs. The Forum facilitated parallel business to business (B2B) and business to government (B2G) meetings, enabling business communities across member countries to establish valuable connections. Moreover, the event featured exhibitions for partners, a competition for start-ups, and, for the first time, recognized and awarded notable organizations and personalities has been recognized and awarded by the IsDB Group entities.

In his address, H.E. Dr. Muhammad Sulaiman Al Jasser, Chairman of the IsDB Group, remarked: “The 12th edition of IsDB Group Private Sector Forum, taking place this year in the Kingdom of Saudi Arabia, has successfully promoted the integration of the public and private sectors, which is crucial for the economic and social development of our member countries. It is the responsibility of the public sector to develop infrastructure and legislation to foster an attractive business climate for the private sector to stimulate production and create jobs” H.E. Dr. Muhammad Sulaiman Al Jasser thanked the attendees for their participation in the Forum, which included 17 sessions, more than 60 speakers, 32 exhibitors, and more than 2,000 participants representing 60 countries and witnessed the signature of 61 agreements with amount of US$ 6,486 billion.

Mr. Oussama Kaissi, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group, on the impactful outcomes of the forum, stated: “The Private Sector Forum has served as a crucial platform for ICIEC to explore innovative strategies that merge trade, insurance, and investment sectors, especially in line with Saudi Arabia’s Vision 2030. This year’s forum has been instrumental in facilitating a valuable exchange of knowledge among leading experts and stakeholders.” “Moreover, the Forum played a critical role in highlighting the importance of these sectors in fostering economic diversification and sustainability. Our approach at ICIEC, guided by robust underwriting, reinsurance, and risk management policies, has significantly contributed to this effort. With over US$ 108 billion in cumulative trade and investment insurance, focusing on key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture, we have been able to identify challenges and opportunities that align with Vision 2030, fostering essential partnerships. ICIEC remains committed to driving economic growth and sustainable development in our member states through strategic insurance and investment solutions.” added Mr. Kaissi .

Reflecting on the success of the Private Sector Forum, H.E. Eng. 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), highlighted the core focus of their activities on sustainability and development. He expressed hope that the forum effectively presented existing co-financing opportunities available for the private sector and discussed potential solutions in sustainable development. Eng. Hani Salem Sonbol emphasized the importance of the private sector as a vital driver of economic growth, job creation, and poverty alleviation in member countries. The ICD has been instrumental in this effort, having disbursed more than USD 4.5 billion to unlock private sector investment in finance, infrastructure, agriculture, manufacturing, and energy for sustainable development since its inception in 1999. This is a testament to their commitment, with a record of 451 approved projects in 50 countries. He reaffirmed ITFC’s commitment to supporting private sector growth, underscoring the collaborative efforts in empowering businesses and driving economic progress across member countries. Over the last 15 years, ITFC has approved a cumulative total of US$ 18.5 billion in support of private sector and SME clients, accounting for 25 % of its trade finance portfolio.

For more information, please visit the Private Sector Forum website (www.ISDBG-PSF.org).

Distributed by APO Group on behalf of Islamic Development Bank Group Business Forum (THIQAH).

Business

Africa’s Grid Constraints Come into Focus as Regional Markets Push Toward Integration

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Africa

Regional power pools are advancing and renewable pipelines are growing, but the regulatory and financial architecture needed to connect them remains the continent’s most critical infrastructure gap – an issue central to the Power Africa Today conference at AEW 2026

CAPE TOWN, South Africa, June 25, 2026/APO Group/ –Africa’s electricity demand is projected to nearly double to 2,291 TWh by 2050, requiring an estimated $30 billion in transmission and grid infrastructure investment to unlock and integrate new generation capacity. Yet across the continent, grid systems are struggling to keep pace with rapidly expanding supply pipelines and rising demand.

In Nigeria, repeated nationwide grid collapses as recently as February 2026 underscore the fragility of aging transmission infrastructure. In East Africa, tower failures along the 428 km Loiyangalani-Suswa line temporarily stranded output from Lake Turkana Wind Power – Africa’s largest wind installation. Meanwhile, demand growth pressures are accelerating across North Africa, where electricity consumption is expected to rise by around 50% by 2035, driven by urbanization, desalination projects, and climate-related temperature increases.

Despite these constraints, generation investment continues to accelerate across Africa, particularly in renewables, gas-to-power and hybrid systems. However, without equivalent investment in transmission and interconnection, much of this new capacity risks being underutilized or stranded. This growing imbalance between generation and grid capacity is driving a sharper focus on system-wide planning and regional market design – issues that will be central to the newly launched Power Africa Today conference at African Energy Week 2026. The platform will bring together policymakers, utilities, investors and developers to explore how regional interconnection, cross-border trading frameworks and financing structures can better align generation growth with grid expansion.

Power Markets Experiment with Reform

Alongside infrastructure challenges, Africa’s electricity sector is undergoing gradual – but uneven – market reform. Most countries still operate vertically integrated systems dominated by state utilities, but a growing number are introducing competitive frameworks to attract private capital and improve efficiency.

Zimbabwe opened its electricity market to full private participation across generation, transmission and distribution in 2025, targeting $9 billion in new investment. South Africa is advancing one of the continent’s most ambitious grid expansion programs, with plans for 14,500 km of new transmission lines and 133,000 MVA of transformer capacity by 2034, alongside mechanisms designed to crowd in private financing. Kenya, meanwhile, has introduced open access regulations enabling independent power producers to wheel electricity directly to multiple off-takers, reshaping how generation assets interface with the grid.

Interconnected electricity markets are the foundation of Africa’s industrial future

Regional Integration Remains Fragmented

Efforts to connect Africa’s fragmented power systems are progressing, though at different speeds across regions. In Southern Africa, the World Bank’s RETRADE SAPP program, approved in 2025, is deploying $12 million to strengthen renewable integration and transmission capacity across 12 member states. In East Africa, the Ethiopia–Kenya–Tanzania Electricity Highway is now in trial operations at up to 2,000 MW, marking a significant step toward a more interconnected regional grid.

West Africa is also moving toward deeper integration, with permanent synchronization of the West Africa Power Pool expected in 2026. Analysts, including the African Finance Corporation, argue that such synchronization is critical to unlocking large-scale hydropower potential and industrial demand across the region. Longer term, full synchronization between the Eastern and Southern African power pools – targeted for the end of 2026 – could create one of the world’s largest cross-border electricity trading corridors.

Building Bankable Financial Architectures

While interconnection is advancing, infrastructure alone is not enough to create investable electricity markets. Investors consistently cite the lack of standardized offtake structures, creditworthy counterparties, and cross-border payment guarantees as key barriers to scaling capital deployment.

New models are emerging to address these constraints. Africa GreenCo, operating across Zambia, Namibia and South Africa, is helping to aggregate independent power producers under a single creditworthy intermediary, standardizing power purchase agreements and reducing counterparty risk. At a broader level, AUDA-NEPAD estimates that Africa requires around $30 billion in additional investment to complete priority transmission corridors and establish three fully interconnected regional trading blocs by 2030.

“Interconnected electricity markets are the foundation of Africa’s industrial future,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “The question at Africa Energy Week is not whether integration is possible – the evidence is already there. The question is which regulatory frameworks and financial structures will get projects to financial close, and which markets will be ready when capital is looking to move.”

The Power Africa Today conference will run alongside AEW 2026, taking place October 12–16 in Cape Town, and will focus on the regulatory, financial and infrastructural architecture needed to build interconnected electricity markets capable of attracting institutional capital and delivering reliable, cross-border power at scale.

Distributed by APO Group on behalf of African Energy Chamber.

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African Development Bank Group and La Francophonie Sign Partnership Agreement to Promote Youth Employment in Francophone Africa

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The agreement was signed during a meeting between the Secretary General of La Francophonie, Louise Mushikiwabo, and African Development Bank Group President, Dr Sidi Ould Tah in Paris, France

PARIS, France, June 25, 2026/APO Group/ –The African Development Bank Group (www.AfDB.org) and The International Organization of La Francophonie (OIF) on Wednesday entered a strategic partnership to strengthen digital skills, employability, and entrepreneurship of young people and women in five African countries: Benin, Cameroon, Guinea, the Democratic Republic of the Congo and Madagascar.

 

The agreement was signed during a meeting between the Secretary General of La Francophonie, Louise Mushikiwabo, and African Development Bank Group President, Dr Sidi Ould Tah in Paris, France. The agreement will address a major challenge faced by countries in the Francophone world and across Africa: providing young people with access to opportunities offered by the digital economy and fostering the emergence of a new generation of entrepreneurs.

The partnership calls for the implementation of training programs in digital professions and entrepreneurship, in fields such as web and mobile development, cybersecurity, artificial intelligence, and data analysis. Participants will also receive guidance toward employment and self-employment, as well as support for innovation and business creation, notably through training camps, prototyping activities, and partnerships with incubators and accelerators.

The African Development Bank Group and OIF will also work with national authorities in these five countries and training institutions to sustainably strengthen local capacities and promote ownership of the programs by national stakeholders. An initial pilot phase, lasting 12 to 24 months, will be rolled out in the five partner countries, followed by a gradual expansion to other member states depending on the results achieved.

The African Development Bank Group is pursuing a bold agenda based on “Four Cardinal Points” developed by Dr Ould Tah, the third of which is ‘Turning Demographics into a Dividend.’ This is about strategically converting Africa’s rapidly growing and youthful population into a decisive engine of inclusive growth, productivity, and innovation through large-scale investment in human capital—particularly youth and women.

 

It sees Africa’s growing young population not as a risk, but as a major asset. With the right policies and investments, this potential can create jobs, help small businesses grow, bring more informal businesses into the formal economy, and equip young people with the skills needed for the future. By investing more in education, science and technology, vocational training, entrepreneurship, finance, and digital tools, Africa can help its people drive economic transformation, stay competitive, and build lasting, resilient growth.

The OIF said the agreement marked the first concrete step in its initiative to mobilize innovative and additional funding for its most impactful projects.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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Paddles up! Hong Kong marks 50 Years of international dragon boat thrills

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HONG KONG SAR – Media OutReach Newswire – 25 June 2026 – With top teams from around the world gearing up for the hotly contested Hong Kong International Dragon Boat Races this weekend (June 27-28), participants and spectators can expect a bumper programme of action, fun and entertainment along the Victoria Harbour waterfront in Tsim Sha Tsui – one of the city’s most vibrant districts known for its iconic skyline views and tourist attractions.

There is much to celebrate. This year marks the 50th anniversary of the Hong Kong International Dragon Boat Races as well as 35th anniversary of both the co-organiser, Hong Kong China Dragon Boat Association, and the sanctioning body, International Dragon Boat Federation (IDBF). The IDBF added to the occasion by announcing earlier this year the relocation of its headquarters back to Hong Kong.

Riding on the wave of excitement, the organiser, Hong Kong Tourism Board (HKTB), extended the annual Hong Kong International Dragon Boat Festival period to 13 days (June 19 – July 1), beginning on the historic Tuen Ng Festival (Dragon Boat Festival) and concluding on July 1, which is the 29th anniversary of the Establishment of the Hong Kong Special Administrative Region (HKSAR).

As the headline international flagship event of “Hong Kong Summer Fun”, Dr Peter Lam, Chairman of the HKTB, said the Festival not only ran over a longer period, but also featured a stronger race line-up and more vibrant entertainment programmes than in previous years, offering an experience found only in Hong Kong for locals and visitors, while showcasing Hong Kong’s position as the Events Capital of Asia.

More than 220 teams from 16 countries and regions will compete for top honours in the world‑renowned setting of Victoria Harbour. This year’s event also introduces the special 50th Anniversary Fishermen Invitational Cup and the 50th Anniversary Championship, paying tribute to the traditional spirit of dragon boat racing.

Visitors will be able to enjoy a series of thematic activities along the Avenue of Stars, including a 22-metre traditional wooden dragon boat, a dragon boat-themed installation in collaboration with the new film Minions & Monsters, live music performances and a line-up of intangible cultural heritage performances, including martial art Wing Chun, Chinese juggling diabolo, traditional musical instruments ruan and guzheng.

Highlighting Hong Kong’s reputation as the birthplace of modern international dragon boat racing, as well as its strengths as a global hub city, the IDBF has taken a significant step in its long‑term global strategy with the formal incorporation of International Dragon Boat Federation Limited in Hong Kong on 29 April 2026.

“Incorporation in Hong Kong is not a conclusion, but a beginning. It anchors our Federation in the city where our international story started and strengthens our ability to serve our members and the global dragon boat family,” said Claudio Schermi, President of the IDBF.

As part of this new chapter, the IDBF has applied for funding under “the Pilot Scheme to Strengthen the Presence of Hong Kong in Asian and International Sports Associations”, which was recently introduced by the HKSAR Government’s Culture, Sports and Tourism Bureau. The Pilot Scheme is an initiative designed to support Asian and international sports associations establishing their headquarters or regional headquarters in the city.

The Dragon Boat Festival has a long and colourful history dating back more than two thousand years. Held each year on the fifth day of the fifth lunar month, the day commemorates the patriotic poet Qu Yuan.

According to legend, Qu committed suicide for his beliefs by throwing himself into the Luo River. The villagers nearby raced out on their dragon boats, banging gongs and drums to scare away fish and other underwater creatures to stop them from eating Qu’s body. The tradition continues to this day, with dragon boat competitions taking place at locations across Hong Kong, each reflecting the unique characteristics of its neighbourhood.

Traditional dragon boat treats feature prominently during the festival, notably zongzi. These glutinous rice dumplings, traditionally wrapped in bamboo leaves and steamed or boiled, are widely available during the festive period.

 

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