The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), which is a member of the IDB Group, with its headquarters in Jeddah, Kingdom of Saudi Arabia, signed an agreement with the UAE Government, based on which the UAE Government agreed to host the first foreign representation office for ICIEC in the Emirate of Dubai.
The agreement was signed on behalf of the UAE Government by H. E. Sheikh Hamdan Bin Rashed Al Maktum, Deputy Ruler of Dubai, Minister of Finance and Industry and IDB Group Governor. The Agreement was signed on behalf of the IDB Group by H. E. Dr. Ahmad Mohamed Ali, President of the IDB Group and ICIEC.
According to the Agreement, which came in the context of the continuous support given to the Corporation by the UAE, the UAE Government agreed on ICIEC opening and operating an office in the Emirate of Dubai, and to accord it and its staff all the privileges and immunities as an international financial institution.
In general, the office aims at enabling ICIEC to promote and market its services, which include insurance of export credit and foreign investment of companies, banks, businessmen and other member countries of ICIEC close to the UAE, such as Kuwait, Qatar, Iran and Pakistan.
The office also facilitates follow-up on the operations of ICIEC, particularly those related to subscription, claims, recuperation and re-insurance. ICIEC will also endeavour to use the office in promoting the IDB Group Programme for Technical Cooperation in the field of promoting investment in member countries, which is administered by ICIEC on behalf of the IDB Group, as well as in organizing conferences, seminars and training programmes to familiarize participants with the objectives of the Corporation and the Takaful insurance industry.
The Corporation pins great hopes on Dubai as an international commercial and financial centre that would enable the office achieve its desired objectives.
The Board of Directors of the Corporation approved in last January to have the first foreign representation office for the Corporation opened in Dubai on the grounds that Dubai has become one of the most important financial, commercial and investment centers of the world, where it hosts the biggest and most famous financing and insurance institutions of the world.