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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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    Azerbaijan, Iraq discuss prospects of relations

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          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

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            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

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            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

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            Miral’s premier Abu Dhabi waterfront project work on track

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            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

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              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

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                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

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                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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                UAE sends medical aid to Iraq to fight COVID-19

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                UAE launches phase III trial of inactivated Covid vaccine

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                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Bahrain: Insurance looks to health cover for growth

              Oxford Business Group

              June 27, 2013
              in Finance
              0

              Long a leader in the region’s insurance industry, Bahrain is now facing rising competition, although plans to make medical coverage mandatory for foreign residents could give a welcome boost.

              As a pillar of Bahrain’s financial services sector, insurance accounted for up to 8% of GDP in 2011, data from the Economic Development Board show. The Kingdom has been relatively successful in terms of its insurance penetration rate, which stands at 2.5%, well above the Middle East and North Africa (MENA) average of 1.5%, according to a report issued in late May by Switzerland-based Zurich Insurance Group.

              The Zurich report notes that there remains strong growth potential in all of the MENA countries. While there has been considerable progress over the past ten years, the take-up of insurance is still low by international standards, and its contribution to the regional economies well below its true potential.

              Launching the report at a forum in Jordan, Zurich’s CEO for general insurance in the Middle East and Africa, Saad Mered, said the role of insurance in emerging economies was often not well understood and was underestimated.

              “For these fast-growing countries, insurance supports the pace of economic development and protects quality of life,” he said.

              Despite having a relatively small market – total domestic annual premiums amounted to about $600m, according to the latest report on the sector by the Central Bank of Bahrain (CBB), the industry regulator – the Kingdom has long served as a base for regional and international insurance companies.

              These foreign firms have been better-equipped than their local counterparts to handle the unrest in Bahrain over the past two years, according to insurance ratings firm AM Best, in part due to their limited exposure to the domestic market in terms of business volume and assets.

              Nonetheless, the report pointed out that Bahrain’s strengths, led by its well-established regulatory regime and the experience of its operators, should result in growth this year across the local market.

              “For many years, Bahrain was considered the Gulf’s financial center, offering expertise and experience,” Yvette Essen, author of the report and a director with AM Best, said. “The CBB is one of the most highly regarded regulators in the Middle East, adopting a risk-based capital approach.”

              Growth could receive a further boost if the government moves ahead with its plans to implement compulsory health insurance for expatriates. The Bahrain Insurance Association estimates the move could add $135m to the value of the market. It said it expects the new requirement to be introduced by the end of 2013 or early next year, although an official date has yet to be given.

              Apart from boosting penetration rates, operators are confident that strengthening Bahrain’s health insurance segment would encourage people to expand their insurance portfolio beyond the mandatory requirements. A more vibrant local industry could also highlight Bahrain’s potential to international firms, helping the Kingdom consolidate its position as a regional center for insurance.
              Oxford Business Group
              27 June

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