The Arab Investment & Export Credit Guarantee Corporation

What The Arab Investment & Export Credit Guarantee Corporation does

The Arab Investment & Export Credit Guarantee Corporation (Dhaman) is a multilateral intergovernmental organization founded in April 1974 in Kuwait and is recognized as the first multilateral investment guarantee provider in the world. Owned by the governments of Arab member states and four Arab financial institutions, Dhaman underwrites credit and political risk insurance covering investments, exports, and financial institution transactions across the Arab region and worldwide. Its five core product lines are Investment Insurance, Export Credit Insurance, Financial Institutions Insurance, Credit & Political Risks Insurance Brokers, and Reinsurance of Credit and Political Risks, complemented by a research and publications suite (Investment Climate Reports, Quarterly Bulletins, Monthly Newsletters covering 144 countries, Sector Reports, Country Profiles, and Working Papers) plus downloadable statistical databases.

Dhaman's revenue model rests on insurance and reinsurance premiums calculated per transaction based on country risk, obligor creditworthiness, tenor, and sector classification, with multi-year contracts and a 90%/10% loss/deductible structure on investment insurance. Distribution combines direct institutional engagement with Arab governments, sovereign ECAs, financial institutions, and large exporters; a regional office in Riyadh serving the Gulf; an international broker network anchored by London engagement; and reinsurance/co-insurance partnerships with national ECAs in Jordan, Europe, and Africa. As of 2023, the corporation had accumulated $32 billion in insurance operations and $29 billion in insured exports and investments, holds an A+ S&P Global Ratings rating (continuously since 2008, upgraded from AA- in April 2023), and operates with 101-250 employees across Kuwait and Riyadh.

The 2022-2026 strategic plan is the operational frame for Dhaman's current expansion: 2023 gross earned premium grew 105% and the investment guarantee line grew 331% year-over-year, and January 2025 alone saw 22 contracts and attachments signed worth USD 417 million — including a USD 500 million Egypt sovereign non-honoring policy and USD 100 million in Trafigura trade finance support. Preferred creditor status under the establishment convention yields a 100% recovery rate on political risk claims from member states and a 92.7% overall claim recovery rate. Recent strategic moves include April 2024 reinsurance MoUs/agreements with Euler Hermes (Germany), BPI France, KUKE (Poland), and OeKB (Austria), plus a December 2024 MoU with the Algerian Company for Export Credit Insurance, and active Secretariat General leadership of the Aman Union alongside Berne Union membership.

Name

The Arab Investment & Export Credit Guarantee Corporation

Legal name

The Arab Investment & Export Credit Guarantee Corporation

Website

https://dhaman.org

Company type

Private

Founded year

1974

Operating status

Operating

Headcount range

101–250 employees

Short description

The Arab Investment & Export Credit Guarantee Corporation (Dhaman) is a Kuwait-based multilateral intergovernmental organization founded in 1974 that provides credit and political risk insurance for investments, exports, and financial institution transactions across Arab member states and globally. Owned by Arab governments and four Arab financial institutions, it serves investors, exporters, banks, and brokers through direct engagement, a Riyadh regional office, and international reinsurance partnerships.

Ownership category

akta.pro rank

Product category

Credit and Political Risk Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Political Risk & Trade Credit Reinsurance (FSAOABAN)

akta.pro secondary industry

Facultative Specialty Lines Reinsurance (Marine, Aviation, Energy, Cyber, Surety, Political Risk) (FSAOAFAD)

Keywords

• Credit risk insurance
• Political risk insurance
• Export credit guarantees
• Investment insurance
• Trade finance insurance

Headquarters

HQ city

Al Kuwait

HQ country

Kuwait

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Marketing or Sales, Technology or R&D

Revenue model

1. Insurance Premiums: Dhaman generates revenue through insurance premiums charged for investment guarantee, export credit insurance, and financial institutions insurance. Premiums reflect risks including country risk, obligor risk, tenor, and sector.
2. Reinsurance Operations: Dhaman provides reinsurance capacity to Export Credit Agencies and insurance companies in Arab countries, re-insuring or co-insuring credit and political risks, generating reinsurance premiums.
3. Research and Publications: Dhaman generates supplementary revenue through specialized research publications, country profiles, working papers, and economic bulletins provided to investors, exporters, and financial institutions.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Dhaman is a multilateral investment guarantee corporation providing Credit and Political Risk Insurance (CPRI) that protects investors, lenders, exporters, and financial institutions against commercial and non-commercial risks in Arab countries and worldwide. Its portfolio covers Investment Insurance, Export Credit Insurance, Financial Institutions Insurance, broker-tailored CPRI solutions, and reinsurance capacity, complemented by research publications and country risk assessment services.

Product overview

The Arab Investment & Export Credit Guarantee Corporation (Dhaman) operates as a multilateral investment guarantee provider offering a unified platform of insurance products and services. The core portfolio comprises five main insurance products: Investment Insurance, Export Credit Insurance, Financial Institutions Insurance, Credit & Political Risks Insurance Brokers, and Reinsurance of Credit and Political Risks. These products are complemented by a comprehensive publications suite including Annual Reports, Investment Climate Reports, Quarterly Bulletins, Monthly Newsletters, Sector Reports, Working Papers, and Country Profiles. The corporation also provides downloadable statistical databases covering Arab economic indicators, FDI data, trade statistics, and risk assessments. Application forms for preliminary and final insurance applications, trade finance insurance, credit limits, and broker partnerships support the product ecosystem.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Insurance Protects investors, lenders, and contractors against political risks that may occur in Arab countries hosting the investments or projects, including expropriation, nationalization, war and civil conflict, host-government breach of contract, and currency-transfer restrictions. Coverage pays 90% of incurred loss with 10% deductible borne by the insured.
• Export Credit Insurance Protects exporters against the risk of default of payment by an importer, a local buyer, or a payment obligor due to credit or political risk occurrence, with coverage available for short-term and medium-to-long-term export transactions. Premiums reflect country risk, obligor creditworthiness, credit tenor, and sector classification.
• Financial Institutions Insurance Protects financial institutions against risks of default of payment due to credit or political risks in Arab countries, covering trade finance loans, project finance exposures, and sovereign financial obligations including non-honoring of sovereign obligations.
• Credit & Political Risks Insurance Brokers Offers bespoke solutions in credit and political risks insurance that meet the various needs of brokers' customers, leveraging Dhaman's specialization in Arab markets, A+ financial strength, and reinsurance capacity to enable broker-led placements.
• Reinsurance of Credit and Political Risks Provides additional underwriting capacity to Export Credit Agencies and insurance companies in Arab countries and partner markets by re-insuring or co-insuring credit and political risks, including via treaties with European ECAs such as Euler Hermes, BPI France, KUKE, OeKB, and JLGC.
• Investment Climate Report Annual comprehensive report on the investment climate in Arab countries, providing analysis of FDI trends, country risk assessments, and economic indicators, distributed to investors, exporters, and financial institutions.
• Dhaman's Quarterly Bulletin Quarterly bulletin providing analysis of Arab economic performance, trade developments, and insurance sector trends distributed to investors, exporters, and financial institutions.
• Dhaman Investment & Trade Monthly Newsletter Monthly newsletter covering 144 countries including 21 Arab countries, providing economic updates and market intelligence for investors, exporters, and financial institutions.
• Sector Reports Specialized reports on specific economic sectors in Arab countries such as petrochemicals, chemicals, and automotive industries, supporting investment and trade decisions.
• Working Papers Research papers and technical analyses on investment, export, and risk insurance topics distributed to investors, exporters, and financial institutions.
• Country Profiles Detailed profiles of Arab countries covering economic indicators, investment climate, and risk assessments for individual nations, used by investors, exporters, and financial institutions.
• Annual Report Annual corporate performance report covering operational activities, financial results, and strategic developments of Dhaman.
• Statistical Databases Specialized databases covering Arab economic performance indicators, country risk assessments, insurance sector data, foreign direct investment statistics, foreign trade data, and business environment indicators, with 20+ years of historical data available to stakeholders.

Quantifiable outcome

• 100% recovery rate of political risk claims from member countries through preferred creditor status
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Algerian Company for Export Credit InsurancecoreStrategic or Co-development Partner · 1 December 2024MoU signed during Aman Union Executive Council meeting attended by Algerian Finance Minister to enhance cooperation in export credit insurance.
• Euler Hermes (Germany)coreStrategic or Co-development Partner · 1 April 2024Reinsurance agreement concluded in April 2024 to enhance cooperation and provide additional underwriting capacity for German-Arab trade insurance operations.
• BPI FrancecoreStrategic or Co-development Partner · 1 April 2024Reinsurance cooperation agreement signed in April 2024 to support French-Arab trade and investment insurance activities.
• KUKE (Poland)coreStrategic or Co-development Partner · 1 April 2024Memorandum of understanding signed to strengthen cooperation between Dhaman and the Polish export credit agency for mutual support in trade insurance.
• OeKB (Austria)coreStrategic or Co-development Partner · 1 April 2024Memorandum of understanding with Austrian National Export Credit Agency to enhance trade and investment insurance services between Dhaman and OeKB.
• Arab-Brazilian Chamber of CommerceminorGTM or Marketing Partner · 1 March 2022MoU for joint cooperation signed at Annual Investment Forum in Dubai to facilitate Arab-Brazilian trade and investment insurance services.
• Arab-Austrian Chamber of CommerceminorGTM or Marketing Partner · 1 March 2022MoU for joint cooperation signed at Dubai forum to promote trade and investment between Arab and Austrian markets.
• Jordan Loan Guarantee Corporation (JLGC)coreStrategic or Co-development Partner · 1 April 2021Reinsurance agreement for Jordanian export credit with relative quotas, with cooperation from Islamic Corporation for Insurance of Investment and Export Credit (ICIEC). Dhaman acts as leader for reinsurance share.
• Greek Export Credit Agency (ECG)minorStrategic or Co-development Partner · 1 January 2021MoU signed for cooperation and information exchange in export credit and investment insurance services.
• Berne UnioncoreOthersActive member of the International Union of Credit and Investment Insurers (Berne Union), participating in spring meetings and information exchange with 74+ member institutions globally.
• Aman UnioncoreOthersDhaman serves as Secretariat General for Aman Union, hosting executive council meetings and annual assemblies for Arab export credit and investment insurance agencies.
• Islamic Corporation for Insurance of Investment and Export Credit (ICIEC)coreStrategic or Co-development PartnerCooperation in reinsurance arrangements including JLGC agreement, supporting Islamic insurance and export credit initiatives in member states.
• Saudi Export-Import BankcoreStrategic or Co-development PartnerTechnical discussions on export credit insurance and investment guarantee, with Dhaman receiving delegation for bilateral cooperation meetings.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MIGA (Multilateral Investment Guarantee Agency): World Bank Group's political risk insurance arm, providing investment guarantees against political risks in developing countries. Closest structural peer to Dhaman as a multilateral political risk insurer serving emerging markets.
• Islamic Corporation for Insurance of Investment and Export Credit (ICIEC): IsDB Group member providing export credit and investment insurance to OIC member countries. Direct competitor in Arab-region political and trade credit risk insurance; cooperates with Dhaman on JLGC reinsurance.
• Euler Hermes: Germany's export credit agency and global trade credit insurer, signed 2024 reinsurance agreement with Dhaman. Direct peer in trade credit and political risk insurance for European-Arab trade flows.
• Bpifrance (formerly BPI France): France's public investment bank and export credit agency. Signed 2024 reinsurance cooperation with Dhaman to support French-Arab trade and investment insurance. Direct comparable in mandate and product set.
• KUKE (Export Credit Insurance Corporation of Poland): Polish export credit agency, signed 2024 MoU with Dhaman. Comparable in being a national ECA focused on trade and investment insurance in cross-border emerging market transactions.
• OeKB (Oesterreichische Kontrollbank): Austrian national export credit agency, signed 2024 MoU with Dhaman. Comparable as a state-backed ECA providing trade and investment insurance services for Austrian-Arab cross-border transactions.
• COFACE: French-headquartered global trade credit insurance provider, also operating as a public ECA. Direct comparable in product offering (trade credit, political risk) and target customer (exporters and investors).
• Atradius: Global trade credit insurance provider headquartered in the Netherlands. Direct peer in commercial credit and political risk insurance, serving exporters and financial institutions across MENA and other emerging markets.

Broad incumbents

• UK Export Finance (UKEF): UK's export credit agency providing trade finance, insurance, and guarantees. Broad incumbent peer as a large, well-capitalized national ECA with active involvement in Gulf-region project finance.
• Export-Import Bank of the United States (US EXIM): US official export credit agency providing loans, guarantees, and insurance for US exports. Broad incumbent peer in the global ECA space, with growing presence in Middle East project finance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/DHAMANnet
• YouTubeyoutube.com/@DhamanInvestmentInsurance
• Facebookfacebook.com/people/The-Arab-Investment-Export-Credit-Guarantee-Corporation-Dhaman/61573207287232
• LinkedInkw.linkedin.com/company/dhaman-investment
• Instagraminstagram.com/dhamaninvestmentinsurance
• TikToktiktok.com/@dhaman.investment

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Arab Investment & Export Credit Guarantee Corporation