RIYADH: The Islamic Development Bank (IDB) launched in the UK on Tuesday a digital platform called Engage, which will promote technological and scientific solutions to accelerate progress toward the UN’s sustainable development goals (SDGs).
Dr. Bandar Hajjjar, president of the IDB — one of the world’s largest multilateral development banks — announced the launch at an event hosted by Bloomberg’s European headquarters in London.
He made the announcement alongside Dr. Shamsad Akhtar — UN undersecretary-general and executive secretary of the UN Economic and Social Commission for Asia and the Pacific (UNESCAP) — Dr. Hayat Sindi, chief scientific adviser to the IDB, and business, innovation and development experts.
The IDB “understands the need to innovate and collaborate across all sectors to help build capacity within countries to address their own development requirements,” Hajjar said.
“Engage will provide the right tools and a supportive environment so innovators and businesses can harness the great potential of science, technology and innovation as strategic drivers for economic growth among their local communities,” he added.
“We are grateful to our partners at UNESCAP and the Shell Foundation for their support, and look forward to collaborating with many more companies, entrepreneurs, investors, governments, academics and NGOs as we focus on the importance of investing in science, technology and information.”
Sindi said: “Engage offers three main services: Matchmaking, technology transfer and calls for innovation.”
She added: “Through Engage, innovators, SMEs (small and medium enterprises), private sector companies, governments and NGOs will benefit from tailored mentoring services and expert knowledge sharing that will help activate their ideas and proposals to an internationally recognized standard.”
The platform will focus on six SDGs: Greater food security, healthier lives, inclusive and equitable education, sustainable management of water, access to affordable and clean energy, and sustainable industrialization across the developing world.
“Engage will power the policy shifts needed for science, technology and innovation to have a positive impact, not just on our economy but also on our society and the environment,” said Akhtar.
“The initiatives will also spur a new era of open and collaborative innovation to ensure no country is left behind in the technological revolution,” she added.
“The partnership agreement between the IDB and UNESCAP will bring together skills and sources of capital needed to support innovation solutions for sustainable development.”
To ensure members have access to financing for innovation, the IDB has established the new Transform Fund, which will finance innovative ideas linked to development solutions.
It will provide seed money for innovators, start-ups and SMEs, as well as fund partnerships between researchers and entrepreneurs that will tackle development challenges in line with the SDGs.
The launch event also saw the signing of two landmark memorandums of understanding by the IDB, said its spokesman Abdulhakim Elwaer.
The first, with UNESCAP, commits to building a global network of scientists, technologists, innovators, entrepreneurs and investors, and to nurturing and scaling high-potential innovations to achieve sustainable and inclusive development.
The second, with the Shell Foundation — an independent, UK-registered charity — commits to sharing market insights and investment opportunities to support enterprises that provide energy access and affordable transport for people in low-income areas.
IDB launches digital platform for sustainable development
IDB launches digital platform for sustainable development
US trade policy uncertainty sees muted response from markets
RIYADH: President Donald Trump renewed his condemnation of the US Supreme Court on Monday after it ruled against his sweeping tariff program last week, vowing to turn to other powers and licenses but giving no details.
The Supreme Court, in a 6-3 ruling on Friday, voided most of the tariffs Trump imposed in 2025, finding that the emergency law he relied on did not allow the imposition of the levies.
Trump said on Saturday he would raise a temporary tariff from 10 percent to 15 percent on US imports from all countries, the maximum level allowed under the law, a day after the court ruled he had exceeded his presidential authority when he imposed an array of higher rates under an economic emergency law.
"The court has also approved all other Tariffs, of which there are many, and they can all be used in a much more powerful and obnoxious way, with legal certainty, than the Tariffs as initially used," he wrote in a social media post.
US stock index futures slipped on Monday as traders reacted to the latest twist in the US’s economic policy.
At 12noon GMT, Dow E-minis were down 162 points, or 0.33 percent, Nasdaq 100 E-minis were down 129 points, or 0.51 percent, and S&P 500 E-minis were down 23.75 points, or 0.34 percent.
Most megacap and growth stocks were lower in premarket trading, though Alphabet bucked the trend with a 0.3 percent gain after rising around 4 percent on Friday.
“It’s really hard from a business standpoint when you are at a company to know how do you plan if you’re not even sure about suppliers, supply chains and what the tariffs are going to look like,” said Arthur Laffer Jr., president of Laffer Tengler Investments, according to Reuters.
“That’s a huge concern for corporate America and why it was really important to get that hammered out and ironed out as fast as possible, so that companies know what the playing field really looks like, and they can plan accordingly,” he added.
All three main stock indexes clocked weekly gains on Friday as markets took the Supreme Court’s decision in stride, with the Nasdaq snapping a five-week losing streak.
Other stock markets across the world greeted the latest wave of uncertainty with a muted response.
In the Gulf region, Saudi Arabia’s main market — which had been closed on Sunday due to a national holiday — ended the day up 0.34 percent.
Dubai’s main share index closed up 1.82 percent, led by a 3.64 percent gain in blue-chip developer Emaar Properties and a 2.92 percent leap in Emirates NBD Bank.
In Abu Dhabi, the index ended the session up 0.55 percent, with Americana Restaurants International leading the gainers with its share price surging 7.73 percent.
Qatar’s index closed up 1.08 percent, driven by banking shares, including a 0.43 percent uptick in Qatar National Bank, the region’s largest lender.
Other global markets faced a mixed picture, with the UK's FTSE 100 subdued on Monday.
The blue-chip index was up 0.1 percent at 12:00noon GMT, after closing at record highs last week. For the UK, the tariff rate has increased from 10 percent to 15 percent,
Unicredit analysts noted, following Trump's latest announcement.
Vijay Valecha, chief investment officer at Century Financial said the possible US tariff increase from 10 percent to 15 percent “ has brought trade tensions back into focus, tempering the optimism seen after the recent Supreme Court tariff ruling.”
He added: “Markets are now reassessing the economic impact of higher import costs, possible retaliation from trade partners, and the broader implications for global growth.”
