Russia: Sheikh Saleh Kamel announces plan to invest $2m in Tatarstan

The President of Tatarstan Rustam N. Minnikhanov hosted the delegation from the Chamber of Commerce of Jeddah, headed by the chairman of the Council of Chambers of Commerce of the Kingdom of Saudi Arabia, chairman of the Islamic Chamber of Commerce of Jeddah, Sheikh Saleh Abdullah Kamel.

During the meeting, the President of Tatarstan noted that the Republic of Tatarstan is actively engaged in cooperation with the Arab countries and believes that the visit of the business delegation will give a major boost to our future bilateral relations.

Then the foreign delegation visited Small and Medium-size Enterprises Development Committee of the Republic of Tatarstan.

During the meeting with Linar Yakupov, the Chairman of Small and Medium-size Enterprises Development Committee of the Republic of Tatarstan Russian side presented a number of investment agriculture, construction and Halal industry development projects.

The latest project on the establishment a Technology Investment Fund in our Republic caused the greatest interest. Sheikh Saleh Kamel announced that he will invest $2m in the authorized capital stock. The initial capital of the Technology Investment Fund will be $10m, then the amount will be increased to $100m. Officially, the establishment of the Fund is expected to be announced at Kazasummit 2011.

During the meeting they discussed the prospects of the Republic to become a major center of Islamic Finance in Russia. Earlier, Sheikh Saleh Abdullah Kamel proposed that the Republic government consider the possibility of opening a bank in Tatarstan, which would work within the Islamic tradition. The global financial crisis has shown everyone that such banks are less exposed to the risks, he said.