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investment projects

Islamic Development Bank to move staff outside Saudi, lead projects in strategy shift

DUBAI: The Jeddah-based Islamic Development Bank (IsDB) will move hundreds of its staff outside Saudi Arabia and play a lead role in designing investment projects as the multilateral lender changes strategy under a new president. With 57 member countries across four continents, operating assets of $16 billion and subscribed capital of $70 billion, the IsDB is a major lender to much of the Muslim world. It now aims to decentralize in order to get closer to its member countries, while playing a more aggressive role…