February 17, 2020

Middle East Views

Middle East Views
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DFC to insure natural gas projects

US International Development Finance Corporation (DFC) has committed to providing USD430 million in insurance to advance energy security in Egypt, DFC’s CEO Adam Boehler announced recently. The advancement of energy security will be achieved through rehabilitating a natural gas pipeline and transporting natural gas from fields offshore in Israel, Boehler...

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TVF to take over insurance, pension firms

Turkey’s sovereign wealth fund will take over insurance and pension companies owned by state lenders and consolidate them in an effort to increase their global competitive power. The Turkish Wealth Fund (TVF) said it expected to complete the plan in the first quarter of next year and that the move...

ICIEC focuses on investment risk management

ICIEC representatives recently attended the OIC High-Level Public and Private Sector Investment Conference. The conference was held at the Istanbul Congress Center and was attended by political leaders, government officials, development finance professionals, and industry leaders. At the conference, ICIEC CEO, Oussama Kaissi, delivered keynote speeches for two panels. The...

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Arig reports 9M financial results

Arig recorded a consolidated net profit of USD3.6 million, attributable to shareholders, for the third quarter of 2019 (Q3 2018: net profit of USD0.3 million), an increase of 1100 percent mainly due to higher underwriting results and lower operating expenses. Arig’s consolidated net profit attributable to shareholders for the nine...

Aspen Re to close Dubai office

Aspen Re, the reinsurance arm of Bermudian insurer and reinsurer Aspen Insurance Holdings Limited, is to close its offices in Dubai, Miami and Lloyd’s China. The re/insurer has confirmed a restructure of some of its operations, resulting in the closure of its Dubai and Lloyd’s China reinsurance offices, as well...

Universal health cover continues phase 1

A pilot phase to introduce the Universal Health Insurance system will be launched in Luxor by March 2020. Minister of Health and Population Hala Zayed conducted an inspection to check on the hospitals that are being upgraded to operate within the new system. Nine health units and centers in Luxor...

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FRA approves life insurance company

Attijariwafa Bank has received preliminary approval from the Financial Regulatory Authority (FRA) for the incorporation of a life insurance company in Egypt, managing director of Attijariwafa’s Egyptian unit Hicham Seffa has stated. The new company will work in collaboration with Attijariwafa Bank Egypt, Seffa told Mubasher. He also stated that the bank’s...

Salama reports 15.7% hike in 9-month 2019 net profit

Islamic Arab Insurance Company (Salama) has reported 13.6 percent growth in gross contribution, attributing to a total of AED901 million in gross contribution for the nine-month period compared to AED793 million in 2018. Commenting on the results, managing director Mustafa Kheriba said, “The continued growth in net profit over the last...

SAMA updates actuarial regulations

The Saudi Arabian Monetary Authority (SAMA) has announced an update of the actuarial regulations of insurance and reinsurance companies, in order to enhance the principle of transparency and participation. SAMA explained that the actuary is a main pillar in the work carried out by insurance and reinsurance companies. It plays an...

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DFSA signs pact with CBIRC

The Dubai Financial Services Authority (DFSA) recently signed an extension to its Memorandum of Understanding (MoU) with the China Banking and Insurance Regulatory Commission (CBIRC). The MoU was signed by Bryan Stirewalt, chief executive of the DFSA, and Zhou Liang, vice chairman of the CBIRC, during a visit by a...

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