Islamic Voice
Logo

News from
Islamic World

.................................
Report on
Chechnya

.................................
Community
Roundup

.................................
Editorial Editorial
.................................
Reader's Comments
.................................
Features
.................................
Profile
.................................
Economy monitor
.................................
Qur'an & Science
.................................
Children's Corner
............................
Understanding Qur'an
.................................
Hadith
.................................
Our Dialogue
.................................
Women in Islam
.................................
Religion
.................................
Why I Embraced
Islam

.................................
Matrimonial
.................................
Subscription
.................................
Guest Book
.................................
Previous Issues
.................................
Home
.................................
Islamic Links
.................................
Al-Nasr Exports
.................................
Islamic Voice Logo

JANUARY 2000

MONTHLY    *    Vol 14-01 No:157    *   JANUARY 2000 / Shawwal 1420H
  email: editor@islamicvoice.com

ECONOMY MONITOR


IDB to Focus on Muslims in Non-Muslim Countries
Large Reserves of Gold Found in Yemen
UAE Tops Arab World in GDP

IDB to Focus on Muslims in Non-Muslim Countries

Jeddah (IINA): The 190th session of the Executive Board of the Islamic Development Bank has ended here, during which it approved more than US$300 million of new financial packages for the benefit of member countries and Islamic communities in non-member countries. The President of the IDB, said that a special session was devoted to the discussion of matters relating to the bank's Islamic Institute for Research and Training, which is an offshoot of the bank, and also to discuss the participation of the IDB is the development and organisation private sector projects in non-member countries where there are Muslim communities. Another item that was discussed was the progress report concerning the Islamic Organisation for the Development of the Private Sector, which the banks will set up with an initial capitalisation of one billion US dollars.

This organ is expected to start functioning at the beginning of the new Hegira year. The session also discussed aid to Turkey, intended to offset the effects of the recent earthquake in that country, while previously the IDB had contributed US$300 million to the reconstruction efforts of Turkey in this regard and to help the victims overcome their vicissitudes. The IDB President announced that the bank has approved more than US$134 million for financing seven development projects that would benefit seven member countries, plus another US$553,000 for Guinea. A sum of US$6.9 million has been set aside from the Wakf Fund for the benefit of two Islamic communities, and two IDB programmes connected with the eradication of illiteracy and the manufacture of medical items.

Top


Large Reserves of Gold Found in Yemen

Sanaa (IINA) : Yemen has discovered large reserves of gold and other minerals in the country. The Canadian company doing the prospecting has said that it is now focusing on the Hureika area, North Yemen, to mine gold, which, it says, is available in large quantities in this region. The company is also prospecting in other regions where it thinks there are large reserves of silver and copper. There are altogether five foreign companies prospecting in various parts of the country. At the moment Yemen is producing 380,000 barrels of oil a day, out of 32 productive wells, and further prospecting for oil is expected to also yield good results.

Top


UAE Tops Arab World in GDP

Abu Dhabi: The United Arab Emirates has led the Arab and Gulf countries in terms of per capita GDP, according to the French World Report for 2000. The report said that the UAE had been ranked first at the Arab and Gulf level and took the 27th position at international level, a report in the Abu Dhabi based daily AL ITTIHAD said. The average per capita income in the UAE is $ 18,110 as per purchasing power, the report said, noting that the UAE had overtaken a number of economies like Spain, Portugal and Greece. The report added that Luxemberg, Europe's smallest state, had led the European list, with $ 30,140 overtaking the United States, which was in the second place with $29,010.

Top


| News from Islamic World | Report on Chechnya | Community Roundup | Editorial | Reader's Comments | Features | Profile | Economy Monitor | Qur'an & Science | Children's Corner | Understanding Qur'an | Hadith | Our Dialogue | Women in Islam | Religion | Why I Embraced Islam | Matrimonial | Subscription | Guest Room | Previous Issue | HOME

Top