ITFC signs $100m Murabaha deal in Uzbekistan

The Murabaha Trade Financing Agreement was signed between the ITFC and the Asia Alliance Bank in Uzbekistan
Updated 14 June 2018
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ITFC signs $100m Murabaha deal in Uzbekistan

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, and Asia Alliance Bank, a joint-stock commercial bank in Uzbekistan, have signed the Murabaha Trade Financing Agreement.

This is the first operation of ITFC in Uzbekistan, and it marks the start of the implementation of the $100 million framework agreement, signed between Uzbekistan and ITFC on March 6.

“The purpose of the framework agreement is to find ways and means to ensure close cooperation and coordination of efforts between ITFC and the government of Uzbekistan, and to pave the way for a strategic partnership between the parties,” said Hani Salem Sonbol, CEO of ITFC. The main area of cooperation indicated in the agreement is to provide a line of financing to local banks in Uzbekistan to support the private sector, particularly small and medium enterprises. 


More crop per drop: NADEC and EF Polymer deploy breakthrough technology to cut agricultural water use by 40%

Updated 14 January 2026
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More crop per drop: NADEC and EF Polymer deploy breakthrough technology to cut agricultural water use by 40%

Following a strategic technology-scouting framework led by Universal Materials Incubator, the National Agricultural Development Company has entered into a partnership to launch large-scale field trials of EF Polymer, marking a significant step in deploying deep-technology solutions to strengthen the Kingdom’s food and water security.

The collaboration initiates field trials of EF Polymer’s proprietary solution — a 100 percent organic, biodegradable powder that performs like a “soil battery” upcycled from food waste. Engineered to address water scarcity in arid and semi-arid regions, the material can absorb up to 50 times its own weight in water and gradually release moisture directly to plant roots. This mechanism has the potential to reduce irrigation water use by up to 40 percent, while enhancing crop yield and long-term agricultural productivity.

Beyond water efficiency, EF Polymer improves nutrient retention by minimizing fertilizer leaching, thereby reducing overall fertilizer requirements. After approximately one year in the soil, the material fully biodegrades into organic carbon, organic matter, and trace nutrients such as magnesium, calcium, and nitrogen — contributing directly to improved soil health and long-term fertility.

The solution is affordable, easy to apply, and suitable for a wide range of crops, making it viable both for individual farmers and for industrial-scale agricultural operations such as NADEC’s. 

EF Polymer has already achieved significant commercial adoption across multiple global markets, including Japan, the US, India and Turkiye, where it is actively used by farmers and agribusiness operators to improve water efficiency, soil health, and crop resilience under varying climatic conditions.

Its organic credentials are certified by OMRI and Ecocert, reinforcing its alignment with sustainable and regenerative agricultural practices.

The stakes for this alliance are high. By 2030, global freshwater demand is projected to exceed supply by 40 percent. In Saudi Arabia, the challenge is localized but intense: the agricultural sector alone consumes approximately 11.4 billion cubic meters of water annually. This partnership underscores NADEC’s commitment to adopting innovative, scalable technologies that conserve natural resources while supporting resilient food systems across the Kingdom.

Mohamed Al-Rajhi, VP of supply chain sector at NADEC, said: “Strategic agriculture today requires a long-term commitment to soil health and resource circularity. NADEC is leading the shift toward regenerative practices that restore our natural capital rather than merely consuming it. By diversifying our crop portfolio and investing in closed-loop nutrient management, we are insulating our operations against global price volatility and environmental shifts.”

“We are aggressively deploying AI-driven irrigation systems and satellite-based crop monitoring to optimize every drop of water and every hectare of land. This strategic pivot toward agri-digitization allows us to mitigate climate risks in real-time while significantly reducing our carbon footprint. Our commitment to sustainability is our greatest competitive advantage, ensuring that NADEC remains the cornerstone of the Middle East’s agri-food sector for decades to come. These trials focus on strategic scalable crops like wheat and olive trees to ensure the future of the Kingdom’s food security is both sustainable and locally rooted,” he added.

Strategic trial milestones:

  • Wheat: Trials have commenced to demonstrate water retention in this water-intensive crop.
  • Olive and blueberry: Specialized testing is scheduled for March to evaluate yield improvements and nutrient efficiency.

This collaboration supports Saudi Vision 2030 goals of reducing non-renewable groundwater use by 90 percent.