"Dhaman" marks its Golden Jubilee with cumulative operations exceeding $ 32 billion

Under the patronage of His Excellency Minister of Finance Mr. Mohammed bin Abdullah Aljadaan, the Arab Investment & Export Credit Guarantee Corporation (Dhaman) celebrated its Golden Jubilee as the first multilateral investment guarantee body in the world.

Held in the Saudi capital, Riyadh, on Wednesday (February 19, 2025) evening, the celebration was attended by a large number of Their Highnesses and Their Excellences princes, ministers, diplomatic missions’ representatives and chairmen of organizations, chambers, unions, Arab and international government and private bodies and public figures.

Addressing the event, the Minister Aljadaan congratulated in his speech delivered on his behalf by His Excellency Mr. Khaled Bawazier, Saudi Deputy Minister of Finance for International Relations, the Corporation and Member Countries, and commended Dhaman’s contribution, since it was established, to strengthening economic integration and achieving sustainable development in Member Countries.

He said during the celebration, where the Corporation’s former board chairmen and directors-general were honored, that the Kingdom’s hosting of this exceptional event affirmed its unwavering commitment to supporting pan-Arab action institutions in general, and promoting Dhaman’s role in developing investment, trade, finance and insurance sectors in a manner that backs the Arab region’s economic development process.

His Excellency the Minister underlined the Kingdom's continued support for the Corporation’s strategies, plans and programs in the coming period, along with its directions to broaden the scope of its sectoral and geographical activities through its headquarters in the State of Kuwait and its regional office in the Saudi capital, Riyadh, in a bid to strengthen its presence to serve Member Countries and ensure that it keeps providing its services and helping achieve growth and prosperity.

Minister Aljadaan noted in his speech that this backing offered by the Kingdom is an extension of being one of the Corporation’s largest shareholders, as it spearheaded efforts to enhance its financial capabilities in the context of the initiative of the late Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud - May Allah have mercy on him – during the Riyadh Economic Summit in 2013, to boost the capital of Arab financial institutions.

Considering the rapid regional and global economic and political developments, the Minister underlined the significance of consolidating cooperation and integration in the coming period in order to achieve common goals and promote sustainable development in various domains, pointing out the importance of the concerted efforts of the region’s countries to cope with these developments through deliberate, objective and implementable plans at various levels.

He, further, stressed the significance of cementing and beefing up our local and regional institutions to enable them to face challenges and strengthen their roles in serving Arab economies and peoples, adding, "We are confident that continued cooperation between all parties will contribute to achieving further successes and progress in the future."

For his part, the Corporation’s Board Chairman, H.E. Dr. Naif bin AbdulRahman Al-Shammari, thanked H.E. the Saudi Minister of Finance, Mr. Mohammed bin Abdullah Aljadaan for patronizing the celebration, and welcomed the representatives of Member Countries, regional and international bodies and governmental and private agencies, who were keen on partaking in the celebration of this exceptional occasion.

Dr. Al-Shammari commended what has been achieved by Dhaman to serve the regional economies, its customers and partners in various areas of investment, trade, finance and insurance throughout its long history, noting that it has doubled the volume of its insurance operations in the region against political and commercial risks with a cumulative value exceeding $32 billion since its establishment until the end of 2024. He added that what really gives rise to optimism is the fact that more than 90% of these operations were carried out during the past couple of decades, which culminated in the conclusion of commercial and financing deals and investment projects whose value is much higher than that of those guarantees.

He added that the Corporation has backed many national export credit insurance agencies in Arab countries, and provided them with extra insurance capabilities through various reinsurance mechanisms. The Corporation has also developed its activity in the field of improving the investment and business climate in the region by means of offering consultations, technical and training support, publishing more than 600 specialized publications and periodicals, and organizing and attending hundreds of relevant events.

The Corporation’s Board Chairman elaborated that despite its operational success and commitment to its developmental role towards Member Countries, the Corporation could maintain a strong financial performance to hike up its reserves to more than $230 million thanks to its sustainable reliance on its own resources.

Dr. Al-Shammari ascribed this achievement to the continued backing of Member Countries for plans to develop and diversify their services and broaden the scope of its operations to cover hundreds of investors, exporters and financial institutions from over 120 countries in the region and the world, in addition to the conclusion of hundreds of contracts and cooperation agreements. He also pointed out the commitment of the Corporation’s successive boards of directors and executive managements to applying effective regulatory policies and governance standards, while maintaining its high credit rating of A+ grade since 2008.

Al-Shammari underscored Dhaman's absolute commitment to attaining its objectives by means of developing carefully considered strategies, flexible annual plans and effective mechanisms implemented by qualified staff so as to maintain its leading status in the region as a reliable partner for regional, governmental and private entities in developing the region's economies and backing the development of trade, investment, finance and insurance sectors.

The Corporation’s Director-General, H.E. Mr. Rashed Ahmed Al-Haroun, thanked H.E. the Minister of Finance, Mr. Mohammed bin Abdullah Aljadaan, for patronizing the Corporation’s most significant occasion since Arab governments decided to establish it fifty years ago, with the State of Kuwait having hosted its headquarters and sponsored its first launch.

Al-Haroun also welcomed the attendees and thanked Dhaman’s co-founders and all those who contributed thought, effort and work, especially the board chairmen and members, shareholders and executive management, to establishing this pioneering regional edifice and supporting the development of its role in serving Member Countries’ economies.

Al-Haroun elaborated that the Corporation, since its inception, has been committed to promoting the developmental impact of its operations in Arab countries by mitigating risks and reassuring the business community through creating a safe and stable environment and improving the regional investment and trade climate. He added that its $-5-billion investment guarantee operations against political risks have contributed to encouraging intra-regional and foreign investment inflows and carrying out development projects in the region at an estimated Capex of $10 billion, covering various sectors involving infrastructure, health, education, transportation, energy, telecommunications, food and pharmaceutical industries, and tourism projects.

He added that the Corporation has supported the growth of Arab foreign trade by stimulating exports through insurance operations valued at over $27 billion, benefiting companies operating in many sectors, thus strengthening their growth and expansion capabilities and their positive contribution to the regional economic development. He noted that the Corporation’s insurance operations in various sectors have contributed to providing around 40,000 direct and indirect job opportunities, not to mention other positive economic, social and environmental effects.

Al-Haroun Said, "Thanks to the continued support of Member Counties, the vision of the Board of Shareholders and the Board of Directors, and based on our future strategy, the efforts of our dedicated staff and our deep understanding of the needs of customers and markets, we promise you to pursue development and expansion by capitalizing on the latest industry developments and available opportunities in promising markets, leading up to the efficient and effective attainment of the Corporation’s objectives."

Al-Haroun elaborated that the Corporation plans to enhance its presence in various markets in the region by activating its regional office in the Saudi capital, Riyadh, and studying the opening of other offices in promising markets.