Doha Insurance eyes early start for Yemen venture
Source: BI-ME , Author: BI-ME staff
Posted: Mon January 19, 2009 12:00 am

YEMEN. Qatar's Doha Insurance is looking at the possibility of expanding into Yemen with strategic partners.

“We are currently going through the process of registering the Qatari-Yemeni insurance company in Yemen. We have already informed the Doha Securities Market about our intention to set up a brand new insurance firm in Sana’a with strategic partners,” Doha Insurance General Manager Bassam Hussein said.

Doha Insurance is now formulating the new company’s statute and articles of association as a prelude to getting the required approvals from the Yemeni authorities. It has had a series of meetings with its strategic partners on the project after a feasibility study.

Hussein said the proposed firm would underwrite both general and life insurance risks.

“Currently, Yemen looks a very promising market. It is mostly untapped. There is a huge potential to grow traditional insurance business in the country because some of the big merchants in the region are either Yemenis or of Yemeni origin. They have a lot to do with marine cargo, especially food and merchandise.

"Major Yemeni accounts are currently insured out of Yemen, especially in the London market. This is really a good market for Doha Insurance and its strategic partners to grow.,” Hussein said in an interview with Gulf Times.

Asked when the Qatari-Yemeni insurance firm would become functional, Hussein said: “Subject to all required approvals, we plan to get going in first half 2009. Doha Insurance will have priority in managing the technical aspects of the company.”

Hussein added: “We are already underwriting significant reinsurance business in the Middle East, especially in the GCC region. Currently, we have no plan to open branches in other countries.”

DSM-listed Doha Insurance’s Qatar-based clients include Qatar Armed Forces, Qatar Airways, New Doha International Airport, QNB, Qatar Museums Authority, Aamal, Qtel, Qatalum, Qatargas, Q-Chem, Kahramaa, Ras Laffan Olefins Company, Halul Offshore Services Company, Nakilat and College of North Atlantic-Qatar.

The move by Doha Insurance to enter Yemen is seen as part of greater consolidation being expected in the insurance industry in the region.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: August 26, 2014
INTERNATIONAL. Is it time to stop thinking about stabilizing Syria and Iraq and start thinking of a new dynamic outside of the artificial states that no longer function? To do this, we need to go back to Lebanon, the first state that disintegrated and the first place where clans took control of their own destiny.
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INTERNATIONAL. Commodities have been generally flat on the week as a rise in industrial metals was offset by losses across other sectors such as metals and grains.
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UAE. With its oil wealth, population growth and strong demand for industrial and consumer goods, the MENA region is an attractive market. There are, however, potential pitfalls in doing business, particularly when it comes to appointing local agents to distribute products in the region.
SAUDI ARABIA. Strong demand fundamentals combined with increased public and private sector spending pushed up the average sales price; Momentum expected to continue as Riyadh attracts and promotes investment in industrial and supporting logistics facilities.
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