Kuwait - Mubasher: The Arab Investment and Export Credit Guarantee Corporation (Dhaman) revealed on Sunday that the Arab gross domestic product (GDP) grew by 1.8% to exceed $3.6 trillion in 2024.

On the occasion of the release of its fourth quarterly "Investment Guarantee" bulletin for 2024, the Corporation stated that growth occurred despite the challenges and events witnessed in the region, with growth remaining geographically concentrated in Saudi Arabia, the UAE, Egypt, Iraq, and Algeria, with a share exceeding 72% of the region's total, according to the Kuwait News Agency (KUNA).

She added that overall forecasts for the Arab economy's performance were positive for 2025, with a projected growth rate of 4.1%, driven by likely growth in 14 Arab countries, including nine oil-producing economies that alone contribute more than 78% of Arab GDP. There is cautious optimism about a reduction in regional unrest and conflicts and an improvement in revenues from oil, gas, and goods and services exports produced by the region.

She explained that International Monetary Fund estimates show that Arab economic indicators will diverge during 2024 due to a decline in crude oil production by approximately 4% and global oil prices by 1%.

She pointed to the expanding war on the Gaza Strip, in addition to the situations in other countries, including Lebanon, Yemen, Syria, and Iraq, the ongoing armed conflict in Sudan, climate change, and the increasing burden of foreign debt.

It's worth noting that the Arab Investment and Export Credit Guarantee Corporation (Dhaman) was established in 1974 and is headquartered in Kuwait. It provides specialized insurance services against credit and political risks.