Dhaman Signed Reinsurance Agreement with Euler Hermes

The Arab Investment & Export Credit Guarantee Corporation (Dhaman) signed a reinsurance agreement with Germany’s trade, investment and finance insurance company "Euler Hermes Aktiengesellschaft" to promote, support and regulate mutual commitments in export credit transactions.

A MoU with Bpifrance to promote Arab-French relations

The agreement was signed in the Norwegian capital, Oslo, on the sidelines of Berne Union meetings by Dr. Hassan Hamdan, Director of Dhaman’s Operations on behalf of Mr. Abdullah Ahmed Al-Sabeeh, Director-General of the Corporation, and Mrs. Edna Schone, Board Member of Euler Hermes and Dr. Hendrik Holdefleiss, Member of the Executive Management. It aims at promoting cooperation between the Corporation and the Company in the field of trade insurance between Arab countries and the countries which are covered by the Company’s operations in Europe and worldwide.

Under the agreement, Dhaman, which was established in 1974 as a pan-Arab institution owned by Arab governments and four Arab financial institutions, will cooperate with the German company to provide trade and finance insurance against political and commercial risks as part of a wide-ranging system designed to augment trade exchanges between the Arab market on the one hand and the German and other regional and world markets on the other hand.

Meanwhile, Dr. Hassan Hamdan, Director of Dhaman’s Operations, on behalf of Mr. Abdullah Ahmed Al-Sabeeh, Director-General of the Corporation, signed a Memorandum of Understanding (MoU) with Maelia Dufour, Director of International Relations, Business Development, Rating and Environment at Bpifrance Assurance Export Company (Bpifrance) on the sidelines of the Berne Union meetings. It is intended to strengthen trade and economic cooperation between Arab countries and France, thanks to available great growth opportunities and potential, given that France is a main trade partner to several Arab countries and has historical relations and joint economic interests with them.

In this context, Mr. Abdullah Ahmed Al-Sabeeh, Director-General of Dhaman, welcomed the signing of the two agreements and underlined Dhaman’s keenness on bolstering its role in supporting Member States’ economies only out of its commitment to promoting trade and investment exchange and economic cooperation between Arab countries on the one hand and regional and world countries on the other hand. He also pointed out that Dhaman, which was rated by Standard & Poor’s at A+, is eager to help Member States make the best use of its insurance operations and activities.