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| A comprehensive guide
to current and future events and exhibitions in the UAE |
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Valuable concise reference source on the UAE,
covering political system, economy, business, history and heritage,
education, women, healthcare, tourism and environment. |
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Natural history of the UAE,
covering all animals and plants recorded in the Emirates. |
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Report by National US Arab Chamber of Commerce on the UAE. Vol XV, No 3, June 2007. Includes analysis of UAE economy. |
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THE ECONOMY - INSURANCE
![]() Aman agrees to offer 15pc shares to expats
Posted on 26/05/2008
At an Extraordinary Annual General Meeting held by the Dubai Islamic Insurance and Re-Insurance Company (Aman) at the Dubai Chamber of Commerce, the Board of Directors agreed to allow expatriates to own a percentage of the company's share holding.
In a statement released by Aman it stated that the General Committee agreed upon the two recommendations of the Board of Directors; Divide Aman's shares denomination from Dh10 to Dh1 and to allow expatriates to acquire 15 per cent of the company
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 World's largest re-takaful firm set up
Posted on 11/05/2008
Dubai Banking Group (DBG) will join hands with Malaysia's investment arm Khazanah Nasional and Asian Capital Reinsurance (ACR) to create the world's largest re-takaful (Islamic reinsurance) company with a total capital of US$300 million (Dh1.1bn). Dubai Banking Group and Khazanah will each hold 40 per cent stake, while ACR will own the remaining 20 per cent in the new company, which is called ACR ReTakaful Holdings, said a statement by Khazanah.
Khazanah owns 32 per cent of ACR and accordingly
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 UAE insurance sector jumps 27 per cent as economy grows
Posted on 28/02/2008
The growth of the UAE's insurance market soared by 27 per cent in 2006, dwarfing all other Middle East economies, according to latest figures from Moody's Investors Service. The rating agency said total premiums volumes had reached $2.7 billion (Dh10bn) in the UAE, while its nearest competitor, Saudi Arabia, achieved $1.6bn. The regulatory standards achieved by new financial hubs, such as the Dubai International Financial Centre (DIFC), were also keeping pace with more mature insurance
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![]() UAE insurance sector fares well in 2006
Posted on 20/08/2007
The UAE Insurance Sector fared well during 2006, with investments amounting to Dh17.270 billion. The value of underwriting premiums at the insurance market amounted to Dh10. 312 billion, according to the annual report of the Ministry of Economy on the Insurance Sector Business in the UAE for 2006.The total of the underwriting premiums for Life, Savings, Money Making Insurances amounting to Dh1.651 billion.
According to the annual report, the share of the national companies in these premiums
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 Federal insurance law likely in April
Posted on 14/01/2007
The Federal national insurance law will likely come into effect before April, three months after the initial deadline. The federal health insurance plan, which was to have come out by the end of 2006 will replace the federal health card system and provide universal medical coverage to residents.
The insurance will be mandatory for all residents except those in Abu Dhabi, which has its own insurance scheme, and Dubai, which is planning one, to give them access to both the private and public
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 Tighter insurance broker rules to help consumers
Posted on 09/01/2007
The UAE's Ministry of Economy has issued new, tougher regulations on insurance brokers in an effort to improve professional standards in the industry.
The 11 guidelines, issued by the Minister of Economy Sheikha Lubna Al Qasimi, include forbidding brokers from issuing insurance policy documents directly from their offices – except in the case of motor insurance – and preventing them from performing the dual-role of broker/consultant.
Another regulation raises the bank guarantee for the
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![]() Report on Insurance Sector Business in UAE for 2005
Posted on 13/11/2006
The UAE insurance sector has invested over Dh18.3 billion in 2005. The annual report on the insurance sector business in the UAE for 2005, released by Ministry of Economy and Planning, asserted the significance of this sector, and said that it plays a substantial role in the national economy due to the huge funds invested in it.
"The premiums within the branch of general insurance increased from Dh4,740 million in 2004 to Dh 6,181 million in 2005, accounting for an increase rate of 30%. The
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![]() Khalifa amends Federal Law on insurance
Posted on 04/07/2006
President H.H Sheikh Khalifa bin Zayed Al Nahyan issued here on Monday the Federal Law No. 16 for 2006, amending some provisions of Federal Law No 9 for 1984 on Insurance Companies and agents.
According to article 1 of the Federal Law No.16, article 11 of the Federal Law No 9 for 984 shall be substituted with the following text: "Established Insurance Companies in the UAE, or those which shall be incorporated, must take the form of public joint stock companies and that their shares shall be
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![]() Insurance firms Q1 loss put at 7.6% on average
Posted on 06/05/2006
The profits of 13 out of 17 insurance companies that announced their results for the first quarter fell by an average 7.6 per cent as a result of the drop in their income from investment in non-insurance sectors, mostly the financial markets.
As per the announced results, 13 insurance companies posted profits of Dh616.1 million for the first quarter of this year compared with Dh667.1 million for the corresponding period last year while four other insurance companies recorded losses of
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![]() Emirates Insurance profits soar to Dh319m
Posted on 24/02/2006
Emirates Insurance Company's profits during 2005 soared by 379 percent to reach Dh. 319 million, compared with Dh. 67 million posted in 2004. "The company earned Dh. 260 million from selling part of its stake in the InvestBank," Abdullah Mohammed Al Mazrouei, EIC's Chairman told the company's general assembly meeting yesterday.
The shareholders approved a proposal by the company's board of directors to distribute 33.3 of the profits percent as bonus shares and to raise the capital to Dh. 120
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![]() Aman posts 865% leap in net profit for 2005
Posted on 05/02/2006
Dubai Islamic Insurance and Reinsurance Company Aman reported a 865 per cent increase in net profits that reached Dh82.04 million by the end of last year compared to Dh8.5 million in 2004. The company's stock earnings increased 112 per cent to Dh144.08 million in 2005 from Dh68.04 million during the previous year. The company's assets grew 134 per cent to Dh246 million compared to Dh105 million last year. The value of paid insurance premiums increased by 77.5 per cent in the period to Dh95
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 AMAN records Dh 82.04 million in profits
Posted on 23/01/2006
Dubai Islamic Insurance and Reinsurance Company (AMAN) today announced that its net profits for year ending 31 December 2005 had risen by 865 per cent to reach Dh82.04 million from Dh 8.5 million over the 2004 financial year.
The company's stock earning increased 112 per cent to Dh 144.08 million in 2005 from Dh68.04 million during 2004. Furthermore, the company's assets grew by 134 per cent to Dh246 million compared to Dh 105 million last year. The value of insurance premiums paid increased
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![]() Investments in insurance sector reach Dh12b
Posted on 21/12/2005
The total investments in UAE's insurance sector had reached Dh12 billion in the year 2004, said a Ministry of Economy and Planning report on Monday. The report said foreign companies made up half of the total number of the insurance companies in the local market, It said 53.9 per cent of these investments were in stocks and special bonds, and 36.4 had been invested in banks deposits, Gulf News daily reported yesterday.
According to the report, 46 local insurance companies are working in the
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 Insurance Sector in Dubai witnesses remarkable expansion - DCCI survey
Posted on 11/12/2005
Dubai is considered the hub of insurance industry in the UAE as it hosts 49.4 per cent of the total establishments and services provided by the insurance sector in the emirate witnessed remarkable expansion in type and coverage, according to a survey conducted by the Dubai Chamber of Commerce and Industry, DCCI said.
According to DCCI membership database, the number of insurance establishments in the second quarter of 2005 was 44 establishments followed by Abu Dhabi with 32.9 per cent and
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 UAE insurance sector to double by 2010
Posted on 13/08/2005
The UAE's insurance sector will double by 2010 and a significant part of the market's annual 15 to 20 per cent growth will be driven by the exponential increase of the region's logistics industry, according to Sheikh Ahmed bin Saeed Al Maktoum, President, Department of Civil Aviation, Government of Dubai.
"Logistics is one of the insurance industry's biggest revenue providers due to its highly diverse requirements ranging from the shipment of goods, storage and warehousing of commodities
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