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Dhaman: Arab Countries See 44% Increase in Trade, Investment Insurance Operations

Dhaman held the 50th meeting of its board of shareholders in Rabat on Saturday. (Asharq Al-Awsat)
Dhaman held the 50th meeting of its board of shareholders in Rabat on Saturday. (Asharq Al-Awsat)
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Dhaman: Arab Countries See 44% Increase in Trade, Investment Insurance Operations

Dhaman held the 50th meeting of its board of shareholders in Rabat on Saturday. (Asharq Al-Awsat)
Dhaman held the 50th meeting of its board of shareholders in Rabat on Saturday. (Asharq Al-Awsat)

The Arab Investment & Export Credit Guarantee Corporation (Dhaman) said that the total value of intra-Arab trade, finance and investment insurance services increased by 44 percent to reach around $3 billion in 2022, compared to about $2.1 billion in 2021.

Speaking on behalf of the chairman of Dhaman board of directors, Dr. Naif bin Abdul Rahman Al-Shammari, at the 50th meeting of Dhaman board of shareholders in Rabat on Saturday, Board Member Ambassador Jamal Al-Ghanim said the total value of insurance premiums increased by 7.97 percent to more than $7.6 million compared to their value in 2021.

The Corporation’s balance sheet for the past year showed an increase in the Dhaman assets to $536.2 million, and a rise in property rights to about $508.5 million, while total revenues amounted to about $16.2 million and profits approached $6 million, according to a statement on Saturday.

Al-Shammari pointed to the institution’s achievements in 2022, including efforts to market insurance services, the signing of four memorandums of understanding with Arab and international bodies, and the development of the institution’s role in the field of research and awareness raising.

Based in Kuwait, the Dhaman was established in 1974 as a pan-Arab organization owned by the governments of Arab states and 4 Arab financial institutions, and provides multilateral investment guarantee.

Its objectives include promoting the flow of foreign direct investment (FDI) into Arab countries by providing political risk insurance to Arab and non-Arab investors and lenders, enhancing Arab exports through political and commercial risk insurance to Arab exporters and supporting domestic trade and economic growth.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.