Riyadh: Under the patronage of Minister of Finance Mohammed Aljadaan, the Arab Investment and Export Credit Guarantee Corporation (Dhaman) celebrated its golden jubilee in Riyadh, marking 50 years since its establishment as the first multilateral investment guarantee body in the world.
According to Saudi Press Agency, Deputy Minister of Finance for International Relations Khaled Bawazier delivered a speech on behalf of Aljadaan, emphasizing the significance of hosting the event in Saudi Arabia. He highlighted this as a testament to the Kingdom's commitment to supporting joint Arab action institutions and enhancing Dhaman's role in the development of the investment, trade, finance, and insurance sectors, which are integral to economic progress in the Arab region.
Bawazier reiterated Saudi Arabia's ongoing support for Dhaman's operations, plans, and programs, underscoring the Kingdom's vested interest as one of the largest shareholders. This support aligns with the corporation's management's vision to expand activities both sectorally and geographically from its headquarters in Kuwait and a regional office in Riyadh.
He called for strengthened cooperation and integrated efforts to achieve shared goals and advance sustainable development across sectors. This involves regional collaboration to keep pace with global advancements through well-defined, objective, and implementable plans, strengthening local and regional institutions to address challenges effectively and enhance their role in serving Arab economies and people.
Dhaman, based in Kuwait and established in 1974, comprises all Arab countries and four joint Arab financial institutions. It offers specialized insurance services against credit and political risks, facilitating foreign direct investments into Arab nations and promoting Arab exports and imports.