ICD Board of Directors names Al Ammari as Acting CEO & General Manager following departure of Al Aboodi

Jeddah, 12 Feb 2018 – The Board of Directors of the Islamic Corporation for the Development of the Private Sector (ICD) named Mr. Mohammed Al Ammari as Acting CEO & General Manager, succeeding Mr. Khaled Al Aboodi, who has recently been appointed to lead the government-owned Saudi Agricultural and Livestock Investment Company (SALIC).   

“I am deeply honored to have served as ICD CEO & General Manager working with talented and dedicated staff to fulfill ICD’s mission of becoming a premier Islamic multilateral institution serving the member countries,” stated Mr. Khaled Al Aboodi in a farewell statement.

“I believe there is a huge potential for growth in our member countries and many good things are coming ICD’s way, as the IsDB Group’s strategy turns more to the development of the private sector as a catalyst for further sustainable development. With its 2nd general capital increase, strong financial profile and credit ratings and the experienced staff, the ICD is well positioned to play a key role in ensuring the success of IsDB Group’s private sector strategy,” added the outgoing CEO.

Mr. Al Ammari is assuming the position at the helm of ICD on an interim basis until the designation of a new CEO and General Manager.

A member of the Islamic Development Bank (IsDB) Group, the ICD supports economic development and promotes the development of the private sector in its member countries through providing Shariah-compliant finance facilities and/or investments. It also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. The ICD is rated AA/F1+ by Fitch, Aa3/P1 by Moody’s and A+ by S&P Ratings.

For more information, please visit www.icd-ps.org