Dhaman Shareholders’ Council Held its 51st Meeting in Cairo

Trade and Investment Insurance Operations in Arab Countries Increased by 3% to Exceed $3 Billion in 2023

At its 51st meeting in Egypt, the Shareholders’ Council of the Arab Investment and Export Credit Guarantee Corporation (Dhaman), chaired by the head of the Qatari delegation, adopted a set of decisions, including appointing Mr. Rashed Ahmed Al-Haroun as Director-General of the Corporation for five years from early June 2024. Nominated by the State of Kuwait and supported by the council’s member states, Al-Haroun succeeded Mr. Abdullah Ahmed Al-Sabeeh, who had held the post in 2019.

The council also approved the agenda items and adopted the auditors’ report for the fiscal year ending on December 31, 2023, and ratified the general budget, income and expenditure.

Addressing the session, Dhaman’s Board Chairman Dr. Naif AbdulRahman Al-Shammari thanked, on behalf of the council’s members, Mr. Abdullah Ahmed Al-Sabeeh for the achievements he had made during his tenure, mainly the strategic plan, the growth of operations, fostering cooperation and alliance with brokers and insurers and maintaining high credit ratings A+ from S&P Agency in March 2024. Al-Shammari also wished Mr. Rashed Al-Haroun the best of luck in further developing the corporation since he has considerable experience, skills and knowledge in the corporation’s business areas, especially finance, investment and economic ones.

Al-Shammari revealed that the total value of trade, investment and finance insurance operations for Arab countries continued to rise by 3% to more than $3 billion in 2023, bringing the cumulative value of the insured operations from the establishment of the corporation to the end of 2023 to more than $29 billion.

Al-Shammari explained that the contracts in 2023 included export credit insurance worth more than $2 billion with a share of 68%, investment guarantee operations valued at $701 million with a share of 23%, and reinsurance operations worth more than $276 million, making up 9% of the total. Investment, trade and financial institutions from 44 countries benefitted from these operations.

Dr. Al-Shammari added that based on the hike in the value of guaranteed operations, the total value of insurance premiums shot up by more than 105% to roughly $16 million, compared with the figure in 2022. In terms of investment in the corporation's financial portfolio, the fresh strategy - based on the optimum sectoral and geographical distribution of assets, instruments, and currencies – culminated in a significant growth in the rate of return to hit 4.4% despite global market volatility.