"Dhaman" Signed a MOU with KUKE

The Arab Investment & Export Credit Guarantee Corporation (Dhaman) and Poland’s National Export Guarantee agency (KUKE) signed a Memorandum of Understanding to promote bilateral cooperation in the field of insuring trade, investment and finance, thus leading to developing trade, economic and investment relations between Arab countries and Poland.

The agreement was signed in the capital of Norway, Oslo, on the sidelines of the "Berne Union" meetings, by Dr. Hassan Hamdan, Director of Dhaman’s Operations, commissioned by its Director General Mr. Abdullah Ahmed Al-Sabeeh, and on behalf of KUKE both Janusz Władyczak, President & Chief Executive Officer, and Katarzyna Kowalska, Deputy Chief Executive Officer & Chief Risk Officer of KUKE.

On this Occasion, Mr. Abdullah Ahmed Al-Sabeeh, Director-General of Dhaman, explained that under the agreement, Dhaman which was established in 1974 as a joint Arab body owned by the governments of Arab countries and four Arab financial institutions, would cooperate with the Polish agency to provide trade and finance insurance against political and trade risks as part of a comprehensive system that targets increasing trade exchange between Arab, Polish and other markets in the region and the world.

Al-Sabeeh also welcomed the signing of the Memorandum of Understanding, emphasizing the commitment of the two entities to boosting cooperation and exerting joint efforts to enhance growth opportunities for trade and investment ties. He underlined Dhaman’s keenness to strengthen its role in supporting the economies of member states only out of its commitment to backing up trade and investment exchange and economic cooperation between Arab states and countries in the region and the world.

Al-Sabeeh elaborated that there were huge growth opportunities for the economic relations between Arab countries and Poland, especially with both sides’ different production structures. He added that the Polish economy ranks fifth in Europe and its production structure encompasses food, agriculture and manufacturing, engineering and mining industries, while Arab countries are a key source of energy products, raw materials and several industrial products.

On his part, Janusz Władyczak, President & Chief Executive Officer of KUKE, which has more than 31 years of experience in insurance, trade finance, guaranteeing and discounting solutions that provide the needed liquidity for the growth of thousands of Polish companies, said that the MoU would contribute to boosting Poland's efforts aimed at increasing trade and economic relations with Arab countries, which have the world’s sixth largest economy estimated at $3.5 billion.

Władyczak stated that KUKE has a portfolio with a number of regional countries, most recently insuring some export deals for Egypt and Saudi Arabia, hoping that the agreement with Dhaman would play a part in expanding joint operations of KUKE and Dhaman. He added that this could be realized by including more deals and markets, based on Dhaman's expertise and ability to gain better access to information about markets, clients and assess risks more efficiently.

He noted that wider covering would thus be offered to Polish exporters and investors, especially as KUKE has monitored business growth in regional markets, particularly Oman, Algeria and Jordan.