Dhaman’s Board of Directors Holds Its Second Meeting in 2024

Dhaman's Board of Directors held its second meeting in 2024 on Wednesday, May 22, 2024, in Egypt's new Administrative capital, Cairo, following the 51st meeting of the shareholders' council, where the agenda items were approved.

Exporters, Investors, Banks from 44 Arab, Foreign Countries Benefit from Dhaman's Diverse Services

He added that thanks to the surge in insurance revenues, investment portfolio performance and improvement efforts, the corporation managed to maintain positive financial performance despite the challenges, with the balance sheet having showed an increase in the corporation's assets to exceed $563 million on December 31, 2023. Equity also edged up to roughly $527 million and the total revenues rose to about $29 million. Thus, the net results of the year's business jumped by 215% to roughly $19 million, compared with $6 million in 2022.

Dr. Al-Shammari underlined that the corporation’s Board of Directors and the Executive Management commit to fulfilling the aspirations of the Shareholders’ Council of Member States, and to attaining the goals by working on several aspects, mainly including:

Stepping up insurance service marketing efforts by means of hammering out agreements with insurance agencies, and active involvement in activities, conferences and meetings with a view to promoting cooperation, coordination and information sharing.

Contributing to improving the regional investment, trade and business climate through its publications and contributions to the development of economic performance, investment, trade, insurance, sovereign rating, and political and commercial risk assessment.

Enhancing communication with concerned parties through traditional and digital media with the goal of promoting services and expanding the base of customers and markets.

Applying governance standards by means of streamlining and updating policies and regulations and developing human resources in order to buttress decision-making in line with the best and up-to-date practices, and to uplevel the corporation’s efficiency and effectiveness.

Al-Shammari noted that with the corporation marking the 50th anniversary of its inception in 1974 as the world’s first multilateral investment guarantee provider, and based on previous achievements, it goes without saying that it looks forward to beefing up its role in serving the economies and societies of its Member States through the effective implementation of its ambitious strategy until 2026, which includes the following:

Boosting the volume of insurance operations and utilizing additional market opportunities by means of bolstering geographical and sectoral presence and spreading and offering further services.

Strengthening the corporation’s positive financial and investment performance to maintain its business sustainability, shore up service revamp blueprints, and expand in promising markets.

Maintaining and, even, improving a high credit rating from Standard & Poor's in order to reflect the corporation's commitment to governance standards, the strength of its financial position and its ability to honor insurance obligations.

Promoting the organization’s developmental role by scaling up and diversifying its insurance services to countries, sectors and enterprises that have a more significant impact on growth, investment, export and employment indicators, and by augmenting its efforts in developing the general investment, export and business environment.

He underlined that providing the required financial resources is essential to attaining the goals of the corporation and its member states, urging them to complete their commitments in line with the decision of the Shareholders’ Council adopted in April 2013 to boost the corporation’s capital.

The Chairman of the Board of Directors thanked His Excellency President of the Arab Republic of Egypt, Abdel-Fattah El-Sisi, the Egyptian government, the Egyptian Minister of International Cooperation and all Egyptian agencies and institutions for the good reception, hospitality, great efforts and facilities provided for the 51st meeting of the Shareholders’ Council of the Corporation within the framework of the joint annual meetings of Arab financial institutions. He also thanked the head of the delegation of the State of Palestine for his efforts during his presidency of the 50th meeting of the Shareholders’ Council. He congratulated the head of the delegation of the State of Qatar, who was elected as Chairman of the Shareholders’ Council and the head of the delegation of the State of Kuwait who was elected as his deputy.