Arab Reinsurance Company: a new dimension
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Moody’s affirms Kuwait Insurance rating, ‘Stable’ Outlook - Egypt - Delta Life Assurance pays $8.2mn compensations in 2019 - UAE - DIFC records 45% annual rise in Islamic assets - “du” and Finance House launch UAE’s 1st blockchain solution - Insurance firms in Bahrain go cashless with TAM Dinar - Abu Dhabi - Department of Health uses artificial intelligence - China to improve agricultural insurance system - Egypt - Mohandes Ins. showed a 12.95% profit growth in 2019 - Islamic Arab Ins. Company to raise foreign ownership limit to 49% - Egypt’s Metlico investments likely to rise to $9.1mn by 2020 - Egypt - Delta Life Assurance’s assets rise to EGP 1.23bn in June 2019 - Ithmaar Bank continues support for Bahrain FinTech Bay - Huge growth potential in Islamic fintech in Malaysia - Saudi Arabia jumps to 36th most competitive economy - Egypt - IMF appreciates economic performance - China announces timetable for full financial sector opening in 2020 - Tawuniya awarded Best Takaful Company for 2019 - Egypt’s central bank to create fintech investment unit - Misr Insurance wins mandate to cover EgyptAir’s assets - Egypt’s CIS, Agricultural Bank renews credit ins. cover deal for loans - Misr Ins. wins Banque du Caire’s fire policy - Dubai - DFSA invites applications for its 2020 innovation 'Winter Cohort' - UAE’s Social Ministry to Grant $16K in Blockchain Contest - World Bank sees Egypt economy growing 5.8% in 2020 - KSA - SR100,000 maximum health ins. benefit for tourists - KSA - Aljazira Takaful inks two deals with Bank Aljazira - Dubai - DIFC Receives FinX FinTech Hub of the Year Award - Abu Dhabi Department of Health partners with “Plug and Play” - UAE - DHA adopts CPT Code set to enhance standardised medical reporting - Oman - CMA issues Mandatory Health Ins. Regulations - Egypt – Ins. market GWP to reach EGP 29 billion this year - KSA - Foreign investors hiked stakes in 58 listed firms - KSA - Competition, accumulated losses push insurance firm out - GIG Bahrain announced as sponsors of "insurance night" - Abu Dhabi issues $10.0 billion multi-tranche bonds - National Bank of Fujairah partners with Fintech Galaxy - Samsung, UAE’s Finablr launch cross-border payments app in US - Blockchain firm Blocko launched in UAE - UAE - Kaspersky offers new Service for Blockchain Projects - Moody’s assigns Aa2 rating to Abu Dhabi’s $10 bln triple-tranche bond - Saudi CMA approves AXA’s SAR 50m capital raise - UAE - S&P affirms RAK Insurance’s ratings at BBB+ - Egypt - Delta Ins. assets rise to EGP 805 m by June-end - Egypt - Metlico assets climb to EGP 173.5 m by end of June - Egypt – EGP 50 Bn in premiums to the ins. sector by 2020 - UAE healthcare expenditure to top US$3.6 billion by 2030 - 2 men fined Dh150,000 for 'faking' a UAE road accident - Central Bank of Bahrain wins key Fintech award - Egypt’s Suez Canal Life Ins. FY2019 premiums rise 45.18% - AI has potential to contribute $182 billion to UAE’s GDP by 2035 - KSA - Al Alamiya signs insurance contract with Panda - UK Fintech Rapyd Raises $100 Million - Egypt - Delta Ins. hikes authorised capital to EGP 500 m - Faisal Islamic Bank to buy Banque Misr’s stake in Egyptian Takaful Ins. - KSA - Walaa, MetLife AIG ANB ink binding merger deal - KSA - Walaa Cooperative Ins. Company affirms S&P’s rating - Egyptian Takaful Ins. eyes 29.5% growth in assets by June 2020 - Misr Emirates Takaful Life FY2019 investments rise to $7.1mn - UAE Cabinet approves 10 decisions to support Emiratisation - Central Bank of Egypt authorized 28 banks to provide mobile payments - Bahrain's dollar bond issuance hits USD2b - Tourism sector contributes $44.87bln to UAE's GDP in 2018 - Sudan launches 9-month economic rescue plans - China central bank says no plans for big economic stimulus - Egypt - Prudential Financial to invest in Sarwa Life Ins. - KSA - Buruj plans 10% dividend for FY 2018 - Hub71 attracts UK and MENA Startups to UAE - Egypt’s central bank cuts interest rates 1% - Morocco, Egypt Sign Cooperation Deal in Insurance Field - 95% of citizens in Oman get free universal health coverage - Egyptian Takaful Insurance’s assets rise 37% June-end - 4 insurers vying to cover Egypt NBE bank’s Islamic branch clients - UAE - Police bust ins. fraud gang in Umm Al Quwain - KSA - Najm launches awareness initiatives - Marsh Pilots Blockchain-Powered Ins. Placement - Bahrain - BIBF launches fintech master’s course - KSA – Ins. staff up 4% to 11,730 in 2018 - Morocco Elected President of Afro-Asian Federation of Ins. - KSA - 6 Forums Towards a New Digital Era - Moody’s forecasts Egypt economic growth of 5-6% in four years - Bahrain – MPs to streamline motor insurance policies - Meethaq signs agreement with Takaful Oman - Egypt - Mohandes Insurance mulls EGP 30m capital raise - Egypt’s Misr Life Ins. eyes $143m group premiums in FY20 - KSA - SAMA: 4 insurers discuss merger - Global Takaful market to reach USD 44 Billion by 2024 - KSA - Malath, Ministry of Housing sign MoU - Allianz Egypt allots $399K to support vulnerable children - KSA - Al Ahlia Insurance approves 23% capital cut - Morgan Stanley: Reinsurers confident of further rate increases - Saudi ins. sector faces M&A pressure, says Moody’s - DIFC Soars to Number Eight amongst Global Financial Powerhouse - Mr. Hussein Mallouk appointed General Manager for Arab Re - Bahrain – Solidarity opens a digital branch - KSA - Najm deploys SAS artificial intelligence to combat fraud - DIFC strengthens partnerships with European hubs - UAE- Sharjah Executive Council issues decision on health ins. - Ins. plan for maids in Bahrain proposed to parliament - Egyptian Takaful Ins. strikes bancassurance deal with United Bank - Mr. Hussein Mallouk appointed General Manager for Arab Re - Egypt’s regulator to hand new Insurance Act to cabinet - Egyptian Takaful Insurance’s net profits rise 61% in FY2018/19 - Egypt’s Misr Ins. Holding to launch life takaful unit mid-2020 - Egypt – Government to introduce divorce insurance - Saudi Arabia - Orient Ins. receives SAMA nod to start operations - Dubai to Host the 2nd Marine Insurance Conference - UAE - Drivers of "clean records" deprived of price cuts - Launch of the First Bahrain Health Regulatory Conference - Average annual loss from catastrophes at USD 92 billion - Dubai - DIFC receives 'Best Financial Innovation Lab' award - Saudi Arabia: Unemployment Declines to 12.3% in Q2 - Lebanon starts transformation process to digital economy - Egyptian Takaful Insurance obtains oil coverage licence - Misr Life Ins. investing EGP 250 m in digital transformation - KIPCO raises stake in Gulf Insurance - Saudi Arabia should increase VAT to 10%: IMF - Bahrain - BDFEX Forum to discuss Health Ins. Project - UAE leads West Asia, North Africa in E-commerce Index 2018 - Ghana's Insurance Penetration Rate Drops to 1% - Abu Dhabi Global Market licenses worlds’ first digital bank - KSA - SAMA releases an update on the compulsory vehicle ins. - Saudi insurance spending per capita hit SAR 1,045 in 2018 - Medical ins., private investment in focus at Oman Health Expo - UAE to participate in 4th Summit of Belt and Road Initiative in Hong Kong - Saudi Cooperative Health Ins. Council visits Health dept. in Abu Dhabi - UAE – Ins. Authority unveils a system to monitor drivers - Egypt - Fawry to launch Ins. Brokerage for micro ins. in early 2020 - Egypt – Ins. industry will rely on Regtech - Egypt - Insurance companies’ investments in T-bills 4% up June-end - DIFC FinTech Hive receives huge response from global participants - Egypt's Fawry eyes UAE deal, Saudi and Kuwaiti markets - Sanlam ins. could invest in Egypt within the next year - China says new digital currency will be similar to Facebook's Libra - Saudi non-oil economy on solid growth trajectory - Bahrain best country for expats - China to cut reserve requirements for banks - Saudi insurers’ merger delays on internal decisions - Egyptian takaful ins. companies’ H1 premiums jump 141.3% - Seven professions may disappear as technology evolves - Abu Dhabi global market publishes guidance on digital securities - Beema Launches UAE's First Pay-per-kilometer Motor Ins. - 63% of UAE residents said to snub home insurance - Bupa Arabia completed the 1st phase purchase of its own shares - Fitch: Global reinsurance outlook is still stable - Egypt’s FRA nods to Delta Insurance’s capital raise procedures - Egyptian Takaful Ins. wins policy bid for Madinet Nasr Housing - ADGM Launches Investor Forum at FinTech Abu Dhabi 2019 - Dubai’s economy to grow 2.4% in 2019 - Oman - New CMA insurance fund - UAE - The Oman Insurance Corporate Challenge 5.0 is back - Misr Life Ins. to serve 4 Egyptian microfinance companies - Hurricane Dorian could cost insurers $25 billion - New Saudi Commission for Data and Artificial Intelligence - Artificial Intelligence can lead to a 12-hour working week - Bahrain - Thinksmart holds Blockchain certifications programme - Tunisia central bank holds interest rate unchanged at 7.75% - Egypt’s Misr Life Ins. eyes 15.5% rise in premiums - Shanghai hosts 2019 World Artificial Intelligence Conference - Dubai Health Authority plans to reduce patient no-shows - World Bank Issued $108 Million Worth Of Blockchain Bonds - Abu Dhabi - ADGM Launches FinTech Awards for MENA - KSA - Tawuniya signs deal with Ministry of Hajj - Egypt - Delta Life Assurance FY2019 direct compensations 30.8% up - Swiss Banks Slow on the Digital Uptake - Oman - Mandatory health ins. in an advanced stage - Solidarity organises internship for Bahraini youth - Saudi Arabia - Bupa Munsha’at to enrich SME sector - Dubai ranked 7th in the world’s top FinTech Locations - UAE - 5 start-ups graduate from Emirates NBD testing ground - Global Fintech Fundraising Fell in First Half of 2019 - Kuwait - 116 measures against money laundering - Dubai Health Authority to enhance long-term care - KSA - Bupa inks health ins. agreement with STC - Wethaq to insure Egypt investment authority’s assets - Egypt - Misr Emirates Takaful Life Ins. FY20 premiums to rise 35.5% - UAE - ADGM admits 4th Reglab cohort - Tunisia’s foreign currency reserves rise to high level in 2 years - Euro insurers switch negative yields for emerging debt - Bahrain - Mumtalakat achieves a first in cloud migration drive - Bahrain's Al Zayani Group launches bWallet payments - Egyptian Mohandes Insurance’s assets reach EGP 997 m by June-end - Google warns about malware found in Android phones - AM Best affirms Gulf Insurance’s “A” rating - Dubai Future Blockchain adopts 3 initiatives - Korea’s Oldest Bank is building a Blockchain-Based Security System - Bahrain - BBK to launch e-remittance on MaxWallet - Kuwait Finance House-Bahrain organizes a blockchain training - Chinese Fintech iPayLinks’ entry to impact the Middle East - Ajman Free Zone signs MoU with Dubai Ins. co. - Bahrain - New regulations for insurance aggregators - Bahrain - Health Ministry granted ‘Accreditation-Diamond’ status - UAE - Aman posts AED 7.5m profits in H1-19 - Egypt’s unemployment rate drops to 7.5% - China’s Digital Currency Is Ready - UAE set to open Artificial Intelligence café - 5.4 Million Tourists Arrived in Morocco in H1 - Egypt 'best' reform story in emerging markets - Apple offers $1 million to detect flaws in iPhones - Unemployment Drops in Morocco to 8.5% - Egypt’s microfinance portfolio registers EGP 21.2bn in Q2 - Egyptian Takaful Insurance to cover oil firm Dapetco’s assets - Egypt - Delta Ins. profit soars 48% in FY18/19 - Apple’s innovative virtual credit card is launched - GCC fiscal reform progress will remain slow: Moody’s - Fitch: GCC Islamic Banks to Continue M&A - Egypt’s inflation slows to a four-year low of 8.7% in July - Egypt aims to attract 12 million tourists in FY 19/20 - Abu Dhabi National Takaful H1 profit rises 35% - Amazon is looking to put Advertising Data on a Blockchain - Facebook’s Libra Moved Bitcoin 3 years ahead - KSA - SABB bank believes blockchain will revolutionize trade - AIG Reports Second Quarter 2019 Results - UAE – Oman ins. co. achieved 75% Net Profit Growth in H1 - Sharjah Insurance logs AED 4.94 m profit in Q2 - Egypt’s Arab Misr Ins. wins policy bid for GASCO assets - Egypt's central bank signs MoU with Dubai financial authority - UAE - DIFC-based Insurtech firm secures new blockchain deal - Kuwait - Gulf Ins. reports KD 8.1 million net profit in H1 - Solidarity Bahrain reports $3.42m H1 profit - Bahrain Fintech Bay partners with US blockchain firm - KSA - Tawuniya’s net profit jumps 45% in H1 2019 - UAE - Union Insurance posts AED 19.6m net profit in H1 - Monetary easing to speed up GCC economic recovery - Egypt receives final $2 bln tranche of IMF loan - Kuwait- 'Online health insurance for Article 20 from Nov' - Egypt - Misr Emirates Takaful Life FY2019 premiums hit $6.4 m - FinTech Abu Dhabi reaches China this week - Emirates Institute for Banking organized 351 programs in 2019 - UAE - ADNIC reports 19.1% growth in net profit in Q2 - Visa puts fintechs on Fast Track to payments innovation - UAE - Hub71 announces 7 new startups - GCC and Egypt economic outlook Hinges on continued reforms - Mastercard Inks Bahrain Blockchain Partnership - ‘Batelco Talks’ session with Bahrain Fintech Bay - Oman - 4.0 Digital Trends Forum “Internet of Things” - Egypt – Insurers invest EGP 42.9 B in treasury bills - Bahrain - CBB receives 65 insurance complaints - Bahrain Crypto Exchange Gets Central Bank License - Three data centres in Bahrain opened by Amazon Web Services - Dubai - DIFC to Launch Blockchain Consortium - Munich Re pegs industry cat losses at $15bn in H1 - Worsening impact from low interest rates - Insurtech investment hits $1.4bn mark in Q2 - Marsh & McLennan’s revenue up 16% to $4.3 billion in Q2 - Egypt - Final draft of unified insurance bill outlined - Egypt’s Banque du Caire invites insurers to cover assets - Euromoney to hold annual conference in Egypt next September - Egypt to consider VAT and income-tax reforms - S&P confirms Stable Outlook for Oman Ins. Company - Middle East – Artificial Intelligence market to reach $530m by 2022 - Dubai ins. profit increases by 50% in H1 - DIFC boosts UAE financial sector development - INJAZ Bahrain concludes Tech Valley programme - Nigerian Deposit Ins. Corporation warns against Crypto Dependency - Egyptian digital payment firm Fawry sets IPO price at EGP 6.46 - Morocco’s economic growth forecast is 3.4% - UAE – Mandatory cover accelerates health ins. Growth - KSA – Tawuniya insures Halliburton, the global energy giant - UAE – Ins. House: comprehensive income of AED 9.20m in H1 - Kuwait- Health ins. for expats to be paid online from Sunday - Misr Ins. wins mandate to cover an oils factory - Bahrain - BKIC net profit surges 22% - Morocco - Atlanta Ins. introduces a new Home Appliance ins. - Egypt’s first EGP 1 bn fintech fund to launch early 2020 - Egypt to set up insurance pool for natural disasters - S&P upgrades SALAMA's rating to BBB - Abu Dhabi Global Market and OneConnect Collaborate on FinTech - Dubai - Global blockchain exhibition during Expo 2020 - UAE – 228 citizens appointed in the ins. sector in 2018 - Kuwait – Climate change tests readiness of ins. Sector - Jordan – Advanced reinsurance course offered next week - UAE Banks Federation to work towards Emiratisation agenda - GIG-Egypt says launching micro-insurance to 130,000 clients - Adnic gets ‘UAE’s top corporate ins. service provider’ tag - Kuwait - S&P affirms Warba Ins. rating at 'BBB' - Misr Ins., two Egypt state lenders in talks for Africa export cover - Dubai Counts on AI, Blockchain to Become Happiest City - UAE - Al Attar seeks to develop algorithms for robots - Jordan leaps upward in Global Cybersecurity Index ranking - Egyptian economy on right track: 5.6% growth in 2018-2019 - USA - Egyptian accused of drowning his children to claim ins. - Japan to lead SWIFT network for cryptocurrency - Nasdaq and the Iraq Stock Exchange sign agreement - IMF lowers Saudi fiscal deficit forecast to 6.5% of GDP this year - Saudi Arabia to see rise in M&A activity in 2019 – KPMG - Lebanese health minister: “60% of cars are not insured” - IMF: Rise of e-banking poised to surpass traditional banking - G7 agrees quick action needed on Facebook's Libra currency - Higher capital rules to bolster GCC ins. Sector - Abu Dhabi - ADGM issues regulations for robo-advisors - MENA startup funding soars 66% in H1 2019 - Etisalat Digital to transform UAE finance with blockchain - UAE - Health ins. premiums of AED 19 billion in 2018 - Egypt - New guidelines for takaful ins. switching to conventional - 500 Startups and Misk launch the MENA Accelerator program - Oman Arab Bank signs pact with IDO Invest. to foster FinTech - Attijariwafa Bank looking to set up ins. arm in Egypt - Oman - Panel reviews progress in health ins. Implementation - KSA - Al Sagr Insurance inks deal with Elite Panorama - PwC Report: Artificial Intelligence will change business - UAE satellite causes largest ever space ins. Loss - KSA - Wafa submits financial restructuring plan - Bahrain ins. market being overtaken by neighbours - Saudi POS urged to use e-payments before August 2020 - Lebanon – Economy minister receives ACAL delegation - Saudi Enaya inks health ins. deal with Soliman Fakeeh Hospital - Baghdad - Jordan-Iraq forum on digital transformation - Minister Afiouni: “Technology is a chance for Lebanon” - UAE - AED 15 B bill to treat the insured in 2018 - Morocco approves law on Sharia-compliant insurance - Telecom Egypt and Banque Misr launch mobile money service - Abu Dhabi Global Market welcomes digital bank applications - Egypt - First board of directors of the policyholders' ins. Fund - Solidarity Saudi Takaful closes marketing deal with Wattad Ins. - Kuwait – Al-Bahar: Financial Institutions need to embrace FinTech - Abu-Ghazaleh Launches Artificial Intelligence Services - Kuwait- Health ins. payment to be accepted online only - Bahrain FinTech Bay to use space technology - Lebanese banks eye digital future - Dubai – DIFC strengthens leadership team with nationals - Misr Ins. Holding’s units to post EGP 4.3bn profit in FY19/20 - Misr Ins., Misr Life Ins. could IPO on Egypt’s bourse by end-2020 - UAE - Investments of the Ins. Sector reached $17.3 B in 2018 - UAE - ADNIC launches WhatsApp Business services - KSA - Moody’s affirms Walaa’s A3 rating - GCC - $841m assets per capita - G20 leaders issue declaration on crypto assets - Egypt - World Bank approves $500m for the social safety net - Euromoney Holds 6th Annual Conference in Jordan - Dubai - DFSA accepts four FinTech firms - Bahrain - Ithmaar Bank invites FinTech firms to explore opportunities - Arab nations get USD 31.2 bln FDI in 2018 - KSA - Gulf General offers health ins. to Al Rashid Trading - Chinese ins. company underwrites $46 B in Africa - UAE - ADNIC converts mandatory convertible bonds to shares - India - Aegon Life to increase digital conversions - UAE’s Orient Ins. eyes new Saudi arm - KSA - Gulf General gets SAMA nod on capital hike - UAE says approves full foreign ownership of firms - Egypt - CBE launches risk ins. company for exports to Africa - KSA - CMA nods to Al Ahlia Insurance’s capital cut - University of Bahrain organizes digital business forum - Abu Dhabi - Hub71 launches competition to attract startups - Dubai - Flexible regulations for prescribed companies - KSA - Tawuniya best ins. company offering e-services - KSA - Solidarity's CEO named as head of ins. Committee - Kuwait mulling increased healthcare fees for visitors - World's central banks tackle technology with innovation hub - KSA – Arab National Bank renews liability policy - More foreign investors eyeing Saudi market - Etisalat and Noor Bank launch eWallet in UAE - UAE economy grows 2.2% in Q1 - Dubai Health Authority to develop Certificate of Need - Egypt - "Global Impact Challenge" competition for startups - S&P Islamic finance industry to grow at 5% - Bahrain – Arab Financial Services gets Benefit Switch certification - Video insurance service first in GCC - Saudi Arabia relaxes ownership limits for foreign investors - Abu Dhabi Global Market launches “FinTech 50” initiative - Kuwaiti banks invest in digital transformation - 181,000 Saudis above 60 had medical ins. last year - GFiN report highlights role of UAE in fintech - Abu Dhabi develops comprehensive oral health policy - Abu Dhabi Government accelerates private sector licences - KSA - Insurance disputes center to resolve auto claims - Egypt announces ins. fees for electric, hybrid vehicles - Rivals ride rising rates as Lloyd's abandons some ship ins. - MENA Fintech Association established - Saudi insurance market to see mergers soon - UAE - Central Bank launches a platform to report suspicious transactions - Central Bank of Iraq establishes Takaful Company - Kuwait parliament to examine insurance bill - KSA - STC launches 5G commercial services - Saudi Tadawul to lure foreign flows on FTSE third phase inclusion - Facebook's new cryptocurrency Libra revealed - Saudi Arabia - 11.3% growth in banking sector profits in 2018 - Emirates Institute for Banking Concludes Fintech Program - KSA - Al-Etihad Insurance approves capital hike - Egyptian fintech startup, Paynas wins prize - Dubai Health to offer early intervention on patients of concern - Egypt’s FRA finalizes new Insurance Act - MetLife’s LumenLab using Blockchain to automate claims - Profits of GCC insurers at $324.27 m in Q1 - Egypt – Central bank launches 1st fintech portal - Saudi insurers Walaa, Metlife AIG ANB consider merger - Afya 2 Kuwaiti retiree health insurance now available - Oman – Al Madina Takaful to empower SMEs - Bahrain among top ecosystems for female start-ups - Egypt – Central Bank of Egypt signs two MoUs on fintech - Allianz closes on acquisition at New York's 30 Hudson Yards - IAIS outlines new 5-year plan to address insurtech - US cyber premiums up 10% to $2.03bn in 2018 - UAE - Car ins. premium drops 9.5% in H1 - China Life ins. co. premiums grow 4.7 pct in Jan-May - Dubai’s hospitals feel pain of ins. Delays - Abu Dhabi - SALT Announces Its Global Thought Leadership Conference - Moody’s expects stronger reinsurance profitability in 2019 - Bahrain’s economy achieves 2.73% Growth in Q1 2019 - S&P turns stable on Lloyd’s - UAE - RSA provides discounts to DEWA customers for home ins. - EgyptAir launches insurance policy tender for assets - Saudi Arabia - Foreign investment more than doubled in 2018 - Egypt - 'Seamless North Africa 2019' to discuss fintech trends - FDI inflows to Bahrain rise 6% to $1.5bln - Bahrain – InsurByte tackles insurtech trends - Saudi Arabia - Malath, ANB extend insurance deal - Citi MENA Fintech Challenge launched - ArabNet Beirut conference celebrates 10 years - Dubai - DIFC issues new insolvency law - Moody’s expecting stronger reinsurance sector profitability in 2019 - UK insurer Legal & General picks Amazon for blockchain deal - Dubai - AREA 2071 hosts 20 global startups worth AED42.2 m - Saudi Arabia - Medical insurance must for family visa extension - UAE - Medical Liability Law will reduce medical errors - Egypt – EGP 18.1 B ins. sector premiums in 4 months - Fintech set to expand in Mideast, Africa, says S&P - FinTech has power to disrupt global finance says IMF’s Lagarde - China mulls raising caps in equity investment for insurers - Fintech Startups in Lebanon: Financing the Future - Health Dubai: AED 20,000 fine for delayed ins. Approval - China's ins. sector runs smoothly with risks controllable - UAE – Need for compulsory fire insurance - Egypt – Agricultural ins. contract to cover natural risks - Egyptian Football Association gets ins. for Africa Cup of Nations - Egypt – Insurers pay 25% of revenues as admin expenses - Aviva to cut 1,800 jobs in expense saving push - Willis Towers Watson unveils new initiatives to fuel growth - Liberalisation in Myanmar a boon to insurers - Global reinsurance pricing not hard, but firming - June 1 rates expected to be up 10% – 30% for loss-affected accounts - Rate increases unlikely to stick without above-average losses - China's pet insurance market sees bright future - State Farm, USAA join forces to test blockchain solution - Saudi central bank grants licences to 14 fintech firms - Mastercard Partners With Bahrain FinTech Bay - SABIC renews long-standing partnership with Bupa Arabia - Burn-Out is a chronic condition according to WHO - Morocco - Marsh in the capital of Beassur - Belgium - 40% increase in the cost of fire and theft ins. - Egypt’s first FinTech accelerator promotes 10 startups - A.M.Best: Jordan ins. market remains highly competitive - Mohandes Ins. targets EGP 110m profit in FY19/20 - KSA - Al Ahlia gets SAMA's nod on 23% capital cut - Irish University to Offer Blockchain Master’s Degree - KSA – SAMA lifts the Ban on Union Cooperative Ins. - Egypt’s FRA wraps up Insurance Act consultations - NBB joins Bahrain Fintech Bay’s talent programme - AIB-Bahrain in bid to boost Islamic digital banking - Bupa Arabia provides health ins. to 299 orphans - Facebook to Roll Out Cryptocurrency in 2020 - Egypt - CBE to ban issuance of cryptocurrency without licenses - UAE economic growth expected at 2% in 2019 - Smart Dubai, DHA use AI to save lives - Alibaba Announces Blockchain Technology Integration - Gulf Capital acquires 70pc stake in Medica - Bahrain Association of Banks to launch sign language dictionary - Insurer First American left 900 m customer files exposed - Oman – Ins. premiums reached OMR 463.5 m in 2018 - UAE – Reinsurance absorbs AED 2.25 B premiums in Q1 - Egypt – EGP 12 monthly ins. premium on electronic cars - GCC bond and sukuk issuance surged by USD 32 billion in Q1 - Saudi fiscal deficit to reach 7 per cent of GDP in 2019 - UAE - Chinese conglomerate considers $ 10 B investment - MENA fund managers increase investments in Egypt - Bahrain - InsurByte Re-imagining Insurance 2019 - Sovereign investors favour unlisted tech - Amazon shareholders reject facial recognition ban - Kuwait - MoCI obliges all insurers to codify documents - Egypt - Regulator to review draft Ins. Act after Eid break - Dubai car rental agency to get Dh115,000 compensation - Bahrain National Holding acquires major stake in Health 360 - Bahrain - BBK launches a management program in fintech - Misr Ins. Holding targets EGP 4.2bn profit in FY19/20 - UAE - Etihad Credit Ins. and Dhaman partner to support growth - Dubai - DFM to organise international investor roadshow in New York - Egypt - Fawry to acquire EME International’s fintech division - UAE - Profits of 28 insurers at AED 591.65 m in Q1 - Egypt – Ins. sector has the highest average wage - Bahrain is among first countries to adopt fintech - Arabnet Beirut celebrates 10 years of technology - UAE - ADNIC partners with FAB through ‘payit’ option - ‘Game of Thrones’ ins. to reimburse fans who can prove spoilers - China allows insurers to use credit derivatives - ECI signs MoU with ADCB to support UAE businesses - Digital: Morocco in force at Vivatech Paris - Bitcoin price crashed by nearly 20% in minutes - Saudi non-oil growth to top 2.9% this year - Dubai – Overseas treatment through prepaid card - Generali posts solid growth and profits in Q1 results - Kuwait - MPs approve insurance law - Gulf Ins. Group announces net profit of KD 3.7m for Q1 2019 - NBB forges ahead with open banking in Bahrain - 2019 General Assembly - Bahrain highlights its plans to target InsurTech - KSA - Al Alamiya inks insurance deal with Riyad Bank - Visa partners with Bahrain FinTech Bay - Fintech is Key to Shaping Sustainable Islamic Finance - USA - Chinese Citizen Indicted in Anthem Hack of 80 Million People - Digital Ins: Aegon Life on-boards eBaoTech - CMA inaugurates health ins. diploma course for Omanis - Kuwait - Al-Roudhan lifts suspension of 3 ins. Companies - UAE: AED 24.4 million as profits for “Dubai Insurance” - UK: RSA sees strong growth opportunity in five industry practices - Moumen Moukhtar, the new President of Misr Insurance Co. - SAR 55 million profit of 13 Saudi insurance companies - Growth outlook lowered for GCC economies this year - Saudi Arabia may relax shares limit for foreign investors - Dubai to switch to 25% autonomous vehicles by 2030 - $1bn Mubadala fund set for big Abu Dhabi launch - Board of Directors of Arab Re: positive results in year 2018 - KSA - CMA Approves the Capital Increase of Walaa ins. - Bahrain - New strategies urged to tackle cybercrime - KSA – SAMA celebrates the graduate of 2nd bath in cybersecurity - GCC Board Directors Institute Launches Director Program - KSA finance ministry announces 30 years Sukuk issuance - Oman – Awareness campaign on health ins. Policy - SoftBank to invest $1bn in fintech firm Wirecard - Bahraini start-ups prospering thanks to Al Waha - Kuwait Finance House wins Fintech award - Samsung Developing its own Blockchain system - UAE - Mubadala was Awarded Anti-Bribery ISO certification - Saudi Arabia - 20 boxes in the Bold investment initiative - UAE - DIFC FinTech Hive launches career mentorship program - Kuwait - Six insurance companies suspended - First Bahrain Insurance Hackathon - Digital transformation of Middle East financial services is accelerating - KSA - Tawuniya to obtain qualitative leap in health practice - KSA - SAMA nods to Arabia Insurance’s capital raise - Saudi Arabia launches $3 bln package to support private sector - Etihad Credit ins. teams up with Sharjah Chamber - Development of driverless vehicle blockchain tech with IoT Firm - China - Blockchain-Enabled Notary Opens Office - South Korea - Hospital to create Blockchain Data Management - Sharjah Ins. to pay 7 fils/shr dividends for FY18 - UAE - Insurance House issues perpetual bonds - Egypt bourse unveils new insurance policy tender - Bahrain Kuwait Ins.: Profit at BD794,000 in Q1 - Arab Federation of Exchanges conference tackles SMEs - Dubai's economic growth will accelerate in 2019 and 2020 - World Bank to invest $200 million in Egyptian startups - Chile – New Cryptocurrency & Fintech Regulations - 60% of organizations trapped in a digital deadlock - Bahrain - SADAD launches Save Your Card Feature in Mobile App - Fintech: China's Wonder News opens $50m office in Bahrain - Abu Dhabi National Ins. Customer Service Excellence Recognised - 99% of UAE execs say innovation has accelerated - 94 Emiratis complete Artificial Intelligence program in UK - UAE ranks 6th in health and wellness index - Central Bank of Bahrain issues draft rules on Ins. Aggregators - Kuwait - Regulator tightens control over insurance sector - China Life insurance premiums grow over 11% - Bahrain set to host InsurByte conference in June - Misr Ins. to cover judges overseeing constitutional referendum - UAE adopts National Artificial Intelligence Strategy 2031 - World Bank: $25B for digital transformation in Africa - Telegram’s TON Partners with Wirecard to develop fintech - The Reserve Bank of India excludes cryptocurrency projects - Smart Dubai and Microsoft to accelerate digital transformation - Kuwait - Wethaq Ins. receives $6.48m from real estate fund - 2,000 tycoons move to UAE in 2018 - Saudi Arabia ranks second in global investment destination list - Report Shows Major Security Holes in Banking Apps - Kuwait - Regulator might suspend up to 12 insurers - KSA - Financial Sector Conference fulfills 2030 Vision - Misr Ins. posts $318.7 mln premiums in H1-FY2018/19 - Dubai – Global leaders to meet at Artificial Intelligence Summit - UAE Takaful Companies Catching Up with Conventional Peers - KSA - 3.2m Saudis, 8.1m expats enjoy health ins. - Oman – Regulator adopts XBRL for financials of listed firms - Bahrain launches fintech talent programme - Bahrain - Cigna Life Ins. receives a License from regulator - Saudi financial conference to attract hundreds of experts - ‘Bone-breaking’ ins. fraud gang busted in Italy - Jordan- Aqaba conference on marine ins. kicks off - Oman- Health insurance leading the market - Kuwait - Rising health insurance premiums - Egypt's insurance firms see boost in capital - Egypt: IFC launches support program for fintechs - Mashreq bank joins Startupbootcamp FinTech Dubai - China lays down national standards for ins. Industry - Lebanon - Calls for cooperation to enhance cybersecurity - Egypt to launch 8 investment areas, free zones in 2018 - Bahrain - Royal Decree Stipulates formation of Health Ins. Fund - Kuwait – Premiums of Wethaq Takaful grow by 16% in 2018 - IMF’s Lagarde says fintech will shake the system - Calls to establish digital economy body at Arab League - Oman - New health ins. initiative for house helps - Egypt - New health ins. provides coverage for all citizens - Saudi Arabia – Significant decrease in ins. profits in 2018 - DIFC launches roadmap for fintechs entering MEA - AAOIFI appoints new Secretary General - Egypt - AXA signs bancassurance deal with Ahli United Bank - GCC FinTech maturing and driving innovation - Bitcoin hits milestone with its 400,000,000th transaction - Saudi Arabia - 47% of vehicle ins. fraud due to damage mismatches - Abu Dhabi Dept. of Health: Health facilities to provide bills - Dubai - Seamless Middle East 2019 to tackle fintech - Egypt - Insurers pay EGP 2.5 B compensation in 2 months - UAE - 40% off on treatments not covered by insurance - Kuwait- MoH to form panel over 'amendment' of health Ins. - Blockchain Ins. 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MENA startup funding soars 66% in H1 2019

Wednesday, 07 17 2019, Category: Economy, Country: Middle East
Total funding in MENA-based startups jumped 66% in H1 2019 with 238 investments amounting to $471million as compared to $283 million invested in H1 2018, MAGNiTT’s H1 2019 MENA Venture Investment Report revealed Monday. The number of deals remained healthy at a record high, up 28% compared to H1 2018, showing continued appetite in start-ups from the region at all stages of investment.

The UAE remains the most active startup ecosystem with 26% of all deals and 66% of total funding. Saudi Arabia was one of the fastest growing ecosystems, up 1% from H1 2018 recording 26 investments in H1 2019.

The UAE has maintained its dominance with 26% of all transactions made in to UAE-headquartered start-ups in H1 2019, while it also accounted for 66% of total funding.

Meanwhile, the landscape continues to evolve. Tunisia was the fastest growing ecosystem in H1 2019 – receiving the 5th highest number of deals at 8% of all deals, up 4% from H1 2018. While Saudi Arabia recorded 2% increase in number of deals, up to 11% of all transactions across the MENA region.

FinTech retained its top spot in H1 2019 and accounted for 17% of all deals. Notable investments include the $8 million in Yallacompare, $6 million in Souqalmal and $4 million in Beehive.

E-commerce still remains prevalent accounting for 12% of all deals, followed Delivery & Transport, which was the third most popular industry in terms total deals in H1 2019, accounting for 8%.


Source: Saudi Gazette
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