Free Trade Zones

Efforts aim to boost Arab exports to Russia

The Arab Investment and Export Credit Guarantee Corporation (Dhaman) has expressed its readiness to enhance trade and investment cooperation between the Arab States and Russia through its various insurance services, information and research.

This emerged from a worksheet presented by Head of Research and Publishing Unit Ahmed Eldabaa on behalf of Dhaman Managing Director Abdullah Ahmad al-Sabeeh during the opening session of the Business Council. Russian-Arabic, which kicked off at the EXPO exhibition center in Dubai on Tuesday. .

Asharq Al-Awsat received a copy of the sheet, which points out that Arab-Russian relations have undergone various developments over the past decades. Some periods were flourishing and prosperous while others stagnated due to many political and economic factors.

The sheet revealed that the value of Russian-Arab trade relations amounted to 14.7 billion dollars, according to UNCTAD data, during the period between 2011 and 2020. This represents 2.1% of the volume of the foreign trade of Russia and 0.8% of the foreign trade volume of Arab countries. in Mediterranean.

According to the database of foreign direct investment projects in the world (FDI Markets), the cost of new Russian direct investment projects in Arab countries amounted to about 64.4 billion dollars during the period between 2003 and 2021, which represents 5% of the volume of foreign project investments in the region.

While the investment cost of Arab direct investment projects in Russia amounted to 3.8 billion dollars, which represents 1% of all foreign investment projects in Russia.

Dhaman stressed the importance of using specialized insurance services for exports, investments and financing against commercial and political risks, as a key means to strengthen cooperation in investment, trade and financing. .

He further indicated that he provides insurance coverage for existing and new Russian investments in countries of the region against non-commercial risks, such as confiscation, nationalization, wars, civil unrest, breakage of contract by the State and the prohibition of money transfer.

Dhaman is a pioneering multinational organization that has provided commercial and non-commercial risk guarantee services for the past four decades.

Founded in April 1974 in Kuwait as the world’s first multilateral investment guarantee provider, Dhaman is owned by Arab state governments and four Arab financial institutions.