Memorandum of Understanding between GOIC and Gulf First Bank

The memorandum comes as part of GOIC and First Bank goals of developing and strengthening cooperation and coordination between the two parties so as to achieve their common and stated goals; as well as part of the comprehensive, high-quality and diversified set of services GOIC provides to the industrial sector; and the consultancy, financing and investment services provided by Gulf First Bank to the industrial sector in the region.

It is worth mentioning that this memorandum corresponds to the goal for which the organization was first established; namely strengthening cooperation and industrial coordination among GCC member states; in a way that helps industrial development and economic formation in GCC member states and utilizing each others' services.

Furthermore, this step comes as an implementation for the integration of roles between GOIC as an industrial consultancy party and the private sector embodied in financing establishments and creating strategic partnerships. Furthermore, it represents a work vision between GOIC and the financial sector for developing industrial investment in the region besides the contribution in developing the income sources and economic growth. This step also plays a key role in filling the gab in industrial financing process for medium and large-scale ventures with the involvement of the private sector.

For the sake of strengthening cooperation between the two parties, GOIC takes the mission of preparing initial studies and feasibility studies for the projects they agree upon or those which are requested from the bank. In addition, GOIC will be providing consultancy and information necessary for the projects and revising the feasibility studies as well. On its turn, the First Gulf Bank will organize the financing of the feasibility studies and consultations, as well as organizing financing for those agreed-upon and seem-to-be prosperous projects according to the studies.

As part of its missions, GOIC is studying the strategies of industrial development and puts perceptions of this development; where region characteristics and market needs are observed in addition to walking side by side with the international industrial development. Moreover, GOIC performs many analytical studies and publicizes industrial information, issues economic feasibility studies for many projects and offers technical aid necessary for implementing them.