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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…

Germany elects ‘anti-Trump’ Frank-Walter Steinmeier as new president

BERLIN: Former foreign minister Frank-Walter Steinmeier was elected Germany's president on Sunday, the 12th person to hold the largely ceremonial post in the post-war era. Steinmeier, a Social Democrat who had served as foreign minister until last month, won 931 of the 1,239 valid votes by lawmakers and representatives of Germany's 16 federal states. There 103 abstentions and 14 votes were invalid. Mr Steinmeier, Germany‚Äôs former foreign minister, strongly criticised Donald Trump during the US election campaign.…