Arab Reinsurance Company: a new dimension
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South Korea pledges to bring blockchain voting into people’s homes - Asian Development Bank completes 1st blockchain transaction - KSA - Over 360,000 covid19-affected persons benefit from program - China – Artificial Intelligence principles released to protect children - KSA - SAMA approves event cancellation ins. Products - Egypt - Mohandes Life Ins. premiums fall 13% in FY2020 - Asia sees first regional recession in 60 years - German economic recovery to continue in H2 - KSA – Najm ins. wins an award for its successful campaign - Bahrain - BNI launches insurance cover for Covid-19 - Arab Monetary Fund extends $1.3bn aid to Arab countries in H1 - UAE - ADIB partners with Finance Ministry to offer eDirham cards - Damana: Digital transformation will drive competitive motor ins. Premiums - Sharjah Social Security Fund to cover occupational risks - Egypt’s CIS, Agricultural Bank inks loan ins. cover deal - KSA - Al-Ahlia Ins. issues timeline for merger with Gulf Union - Moody’s: Reinsurance prices expected to rise in 2021 - Woman jailed for cutting off hand for ins. Payout - UK economy extends recovery from COVID crash - China - New rules to tighten control over financial holdings - Lloyd's says coronavirus claims could reach £5 billion - European Central Bank projects 8% recession this year - German Economy will shrink by 6% in 2020 - China - Consumption move to spur spending - Egypt - Metlico capital to rise to EGP 100 m - Egypt - Authority for Reconstruction Projects launches fire ins. Tender - Egypt - Mohandes Ins. proposes EGP 0.50/shr dividend for FY19/20 - Eurozone Q2 GDP down 11.8% - Saudi Shura Council calls for health ins. for private sector retirees - KSA - Report on Covid19 impact on ins. Sector - Emirates Ins. Association: Travel ins. is compulsory for some destinations - Egyptian Takaful Ins. assets likely to grow to EGP 2.7 bn by June-end - Oman - CMA Directs insurers to extend coverage beyond 70 years - UAE - Methaq Ins. denies the acquisition of Ishraq - Algeria to launch Islamic insurance - French economy to bounce back as lockdown lifted - Abu Dhabi’s Etihad Airways announces covid19 insurance - Egypt Kuwait Holding ups stake in Delta Ins. - KSA - Tawuniya Ins. gives its customers the opportunity to earn miles - UAE - Daman and Microsoft collaborate to fight COVID-19 - The Ajman Chamber calls members to benefit from Awafi - Oman – OR 170 million direct health insurance - KSA – The Ins. Sector achieved record profits in Q2 - Dubai – The profits of insurers increased to AED 559.7 in H1 - University of Dubai publishes e-Credentials of graduates - Google offers to help with the ethics of Artificial Intelligence - 16% of Saudi institutions consider Artificial Intelligence a priority - KSA - Global AI Summit to Be Held on October 7 - Egypt - Mohandes Insurance’s profit edges up in FY19/20 initial results - KSA - Gulf Union issues circular for merger with Al-Ahlia - UAE - Salama's board recommends 3% dividends for H1-20 - Euro zone recovery lost momentum in August - UAE - Launching a platform to exchange securities for digital cash - Egypt – 3.1 million beneficiaries from microfinance - Britain, Thai SEC agree to financial services partnership - Dubai ranks first in Arab region in medical tourism - KSA - Wafa Ins. posts 148% higher losses in Q2 - KSA - Bupa raises stake in Bupa Arabia to 43.25% - UAE - Decision on health ins. in the Ajman government - UAE – AED 134 m “Corona” claims were paid by insurers - Islamic Arab Ins. sells 4.5 m shares in Saudi-listed Salama - KSA - GlobeMed announces TPA deal with Enaya ins. - Egypt - Delta Ins. indicators show 35% profit growth in FY19/20 - A Swiss health insurer now accepts crypto payments - Egyptian ins. premiums 9.6% up in five months - Chinese PICC reports rise in premium income - Egypt’s Delta Ins. eyes EGP 700 m premiums in FY2021 - Oman – 30% foreign investments of insurers allowed - Record profits for Saudi insurers in Q2 - Manama ranked most financially attractive city in the world - Egypt - EFG Hermes acquires majority stakes in Tokio Marine - Canada's economy posts a record 38.7% annualized Q2 contraction - KSA - Salama Cooperative Ins. swings to SAR 29m quarterly profit - KSA - Al-Ahlia gets SAMA nod on renewing license for 3 years - AXA Gulf offers Covid-19 cover for travel policies - Kuwait - Hundreds of clients have to re-insure their vehicles - KSA - Tadawul suspends trading on Salama shares - KSA - MOH: Voting for 2020 «Wa3i» Award to Begin Soon - UAE - Oman Ins. reduces motor claim processing time - Wafa Egypt Assurance gets FRA’s approval - KSA - 4 ministries plan medical ins. for their staff - UAE - Aman denies negotiations on acquisition - KSA - Wafa Ins. unable to disclose H1 2020 financials - KSA - The retention rate of insurers declined to 83% in Q1 - KSA - Aljazira Takaful, Solidarity ink binding merger deal - KSA - SAMA approves first drone ins. Product - CII bolsters Saudi Arabia adviser education programme - UAE - Noor Takaful partners with Ajman Bank for Takaful solutions - KSA - Minister of Health Approves Health Ins. Award - KSA - Amana Ins. swings to SAR 7.2 m profit in H1 - KSA - Najm launches paperless accident service - COVID-19 accelerates digital transformation of Lloyd’s - Saudi Al Ahlia Ins. swings to profits in Q2 - Euro zone economic recovery falters in August - GCC IT spend to reach $20bn by 2024 - WHO: coronavirus pandemic will last less than two years - KSA - Arabia Insurance swings to profits in Q2-20 - KSA - Chubb Arabia net profit rises 16% in H1 2020 - KSA - SAMA presents draft law for health ins. risk pools - KSA - AXA Cooperative Ins. records 15% higher quarterly profits - KSA - SAICO net profit surges to SAR 27.2m in H1 - UAE - Health Ins. Startup Sehteq Raises $20 Million - UAE - SALAMA announces AED11.5 m surplus distribution - Fintech industry is growing in Saudi Arabia - UAE - Watania Takaful posts 136% surge in H1 net profit - Bahrain - Al Ajmi honoured with Prestigious CII Award - UAE - Aman's net profits down in H1-20 - Tunisian economy shrank by 21.6% in Q2 - KSA - SABB Takaful signs ins. deal with Olayan Group - UAE - Awnic launches new digital division - Misr Insurance to activate e-signature - UAE - Vehicle ins. rates decline by up to 30% - Saudi Arabia to host global technology event next year - Malaysia’s economy shrinks most since 1998 Asia crisis - German economy will grow strongly in third-quarter - Re/insurers must evolve alongside cybersecurity landscape - KSA - Alahli Takaful's net profit down 3% in H1 - UAE - SALAMA half-year net profit increases 41.03% - UAE - High demand for "health" and "life" ins. Products - UK economy plunges into deepest recession since records began - China Launches Blockchain-Based Blackout Ins. Policy - Allianz, CIB Egypt sign cyber insurance contract - UAE - Oman Ins. reports net profit of AED110.2 m in H1 2020 - Misr Ins. to cover judges overseeing senate elections - China - Blockchain salaries are exploding - Smart Dubai holds webinar on the resilience of cities - Gap in Artificial Intelligence between advanced and developing economies - Abu Dhabi – Space Artificial Intelligence developed by NYUAD researchers - Lebanon – Insurers are waiting for investigations on explosion - Brazil - Alleged Car Ins. Scam Causes Huge Fire - UAE – An ins. consultant misappropriates UAE 1.1m - Kuwait government urges citizens to acquire travel ins. - Solidarity Bahrain announces profits of BD1.4m in H1 - Egyptian ins. sector’s premiums likely to fall 15% in FY21 - Misr Insurance to cover assets of plastics factory - Egypt requires taxpayers to issue e-invoices in November - KSA – Motor insurance extended for two months - KSA - Walaa Cooperative Ins. turns profitable in Q2-20 - KSA - Walaa Ins. inks SAR 9.5m deal with Advanced Petrochemical - UAE - ADNIC reports AED189.7 million in H1 net profit - Big Tech surges as reports impress in coronavirus downturn - Eurozone GDP plunges by 12.1% in Q2 - Amazon to invest $10 billion in satellite internet - UAE’s Sharjah reports $1.6 bln real estate transactions in H1 - Egypt to develop 1st actuarial life table - Fitch Revises United States' Outlook to Negative - French economy shrank by 13.8% in Q2 - Union of Arab Banks issues digital economy guidelines - Bahrain Kuwait Ins. posts $6.1m net profit in H1 - Egypt’s Misr Takaful to cover assets of paper packaging plant - Cyber policy sales up 340% amid COVID-19 - UAE - Salama to increase foreign ownership limit to 49% - Saudi Enaya launches leading policy intelligence tool - AXA Gulf to offer Covid-19 insurance cover - UAE - Oman Ins. completes 100% acquisition of Dubai Starr Sigorta - S&P: Gulf insurers' capital buffers are strong - Saudi Arabia - 12,842 workplace injuries in 6 months - Oman - BankDhofar offers insurance of up to 10 years for cars - Algerian economy contracts 3.9% in Q1 - Market value of tech giants at $6.5 trillion - UAE - DIFC to woo Chinese fintech firms - Oman – New regulations of health ins. claims management - Lloyd’s gives green light to Covid-19 vaccine ins. - HSBC UAE launches online trading platform for wealth clients - EgyptAir to insure passengers against coronavirus - USA - Tesla is creating a major insurer - UAE launches Young Economist Program - Arab Monetary Fund to discuss the economic recovery - Saudi Arabia ranks 4th globally in terms of 5G connectivity - Egypt – Ins. investments in T-bills fall 11.5% May-end - Eurozone flash composite PMI climbs to 25-month high - Amazon’s unit to offer auto insurance in India - S. Korea’s economy contracts 2.9% in Q2 - China has over 1.3 billion mobile internet users - G20 Highlights Importance of Digital Technology - UAE - Health official calls on volunteers for COVID-19 vaccine trials - Saudi economic July data promising for recovery - Beijing to pilot blockchain for private stock registration - Saudi Arabia to host oracle cloud data regional center - UAE - DIFC witnessing first issuance of digital securities - KSA - Traffic Dept starts issuing traffic violations of motor ins. - Historic European economic recovery plan - Mastercard Accelerates crypto card partner program - China adds a new city to their Fintech Initiative - KSA - Over 240,000 Beneficiaries of «Taakkad» Centers - China Life Ins. sees 13.17% expansion in H1 - Bahrain - Drive-through ins. service launched by BNI - Egypt - Mohandes Insurance's profit up 10% in 9 months - KSA - 99.4% of private firms to benefit from Health Ins. Fund - KSA - SAMA launches app for financial sector customers - UAE - Siraj Holding acquires Al Hilal Takaful - Egypt’s Misr Ins. vying to cover Aida IV ship - Saudi Arabia unveils insurance to protect foreign workers' rights - Saudi startups record 102% jump in venture funding - KSA - Monshaat Launches Intelligence Digital Library - Wide gaps EU leaders must bridge to unlock economic stimulus - China's ins. sector reports premium growth in H1 - China's Q2 GDP grows 3.2%, beats expectations - UNESCO launches initiative on the ethics of artificial intelligence - UAE - H. H. Sh. Hamdan bin Mohammed attends ‘Ai Everything’ conference - KSA - Saudis represent 74% of ins. Employees - UAE – Some insurers raise the brokers commission to 30% - KSA - Alinma Tokio expects higher GWPs on compulsory motor ins. - South Korea to spend Billions on Blockchain Development - Saudi Enaya renews medical ins. deal with Fakih Group - Egyptian ins. companies’ technical losses 54.2% up in Q1 - KSA - Tadawul to launch derivatives market in August - Singapore slumps into recession with 41.2% GDP plunge - AXA Egypt, Star Ins. team up for car ins. - Fawry and AIG Egypt Insurance launch digital policy - Suez Canal Ins.’s net premiums at EGP 1bn in FY20 - UAE - MoF completes phase one of the e-Dirham system transformation - KSA - Customer satisfaction of Health Ins. hits 95% - KSA - 8% Increase in the Ins. Sector In 2019 - Metlico, Egypt Trust team up to activate e-signature - Egypt’s Iskan Ins. eyes $20.3 m premiums in FY2021 - The UAE is the largest Arab ins. market in 2019 - UAE to merge financial regulators - China central bank says economy stable in H1 - UAE ranked 1st in Arab region, 8th globally in Online Services Index - Five Saudi insurers project higher motor ins. Sales - Misr Emirates Takaful Life’s premiums rise 40% in 2020 - Egypt - Techno Lease increases stake in Mohandes Ins. - UAE - Fintech Galaxy launches open innovation platform - Egypt - Life ins. industry in Egypt affected by COVID-19 - gig – Jordan completes installation of HPE Primera - Saudi insurance stocks surge as vehicle checks enforced - KSA - SAMA appreciates the ins. initiative to grant motor discounts - KSA - Penalties for vehicle ins. violations to resume - Egypt - Investments of insurers in T-bills fall reach EGP 31.7 bn - 4 Egyptian insurers vying to cover Port Said Container’s assets - EU sees deeper recession - Egyptian Takaful Ins. to cover South Cairo and Giza Mills’ assets - UAE - Insurance Authority: 15.6% decline in motor premiums - MENA start-ups raise $659mln in H1 2020 - Dubai – DFSA’s 2020 Summer Innovation Testing Licence Program - Orient Ins. defers Saudi market entry until mid-2022 - Oman - CMA cancels license of insurance firm - 3 Egyptian insurers vying to cover Export Development Bank’s assets - Egypt - Aman certificates beneficiaries hit 859,000 - IMF revises down forecast for Asian economy - UK economy shows biggest drop in 40 years - German economy gradually recovering - UAE - FinTech firms invited to an innovation challenge - UAE Insurtech Felix Raises $800,000 in Seed Funding - Saudi Arabia imposes 15% VAT on goods - Egyptian Mohandes Ins. pays $11.8 mln compensation in 9m - Consolidation seen among Saudi Arabian insurers - Dubai's economy shrank by 3.5% in first quarter - Saudi GDP down 1% in Q1-20 - GCC economies expected to shrink by 7.6% this year - 61% of Islamic banks favor buying services from Fintech firms - Misr Insurance to cover refinery using vegetable oils - Bupa Arabia renews cooperative ins. deal with SABIC - KSA - Malath inks deal with Ministry of Housing - UAE - Methaq Takaful accumulated losses near 31% of capital - Egypt - Mohandes Insurance’s premiums grow 5.8% in 9m - Egyptian Authority for Maritime Safety launches ins. tender for Aida IV - Dubai chamber webinar series connects fintech stakeholders - Digital automation key to productivity: Investcorp - Egypt launches first actuarial life table - Egyptian Life Takaful- GIG posts $13.9 mln premiums in 9m - Saudi ins. council launches first package of medical protocols - Oman - Ahli Bank enters into a partnership with Dhofar Ins. - Egypt’s central bank keeps key interest rates on hold - G20 debt relief program draws 41 poor countries - Microsoft highlights the role of Artificial Intelligence - Cairo Amman Bank enhances performance and security - Orient Takaful, National Bank of Egypt deal to facilitate payments - The IMF sees Egyptian economy maintaining 2 %growth in 2021 - IMF downgrades outlook for global economy - Ins. Federation of Egypt: health ins. conference scheduled in September - Union of Arab Ins. Supervisors discusses the impact of coronavirus - French court orders AXA to pay restaurant’s COVID-19 Losses - Does Egypt need to amend travel ins. to cover covid19? - DIFC Academy will boost use of legal technology - Egypt’s regulator approves 4 new products of Sarwa ins. - Misr Insurance cuts stake in Misr Cement - Mastercard buying fintech company for $825 m - Germany to lead the EU toward a green COVID-19 recovery - UAE – Ins. Authority holds a meeting on IFRS17 - Egypt’s bourse launches tender for its medical ins. Policies - Middle East - 82% of banking customers to use fintech - Artificial intelligence eyeglasses - KSA - Salama Cooperative Insurance’s losses up 74% in Q1 - KSA – SAR 12.7 bn the value of market ins. premiums in Q1 - AM Best affirms ratings for Orient Ins. and Orient Takaful Egypt - KSA - Alinma Tokio Marine renews ins. deal with Alinma Bank - FDI flows to Saudi Arabia grow by 6% to $4.6 bln in 2019 - European Central Bank urges quick recovery plan - IMF expects deeper-than-expected contraction in U.S. economy - UK debt is bigger than economy for first time - KSA - Aljazira Takaful posts 80% rise in Q1 2020 net profit - KSA - Amana Cooperative turns to profitability in Q1-20 - Egypt Kuwait Holding acquires stake in Mohandes Ins. - KSA - Tawuniya delivers 21 drive-thru coronavirus testing centres - KSA - Allianz SF shareholders approve capital hike to SAR 600 m - KSA - Gulf General moves to losses in Q1-20 - Egypt’s regulator sees $11.4m revenues from ins. sector in FY2021 - Egypt - Sarwa targets EGP 170 mln premiums in 2020 - GCC – Insurers face pressures - Kuwait’s Aman Takaful renews talks to enter Egyptian market - UAE - National Takaful Co. takes underwriting policies online - KSA - The “Competition” decides to merge Gulf Union with Al Ahlia Ins. - Chinese woman uses 900 flights to get ins. Compensation - Egypt - EFG and GB Auto to purchase of 75% Tokio Marine - US GDP Decline in Q2 Likely 'Most Severe' Ever - German economy to contract more sharply in Q2 - KSA - Allianz SF says assessing impact of COVID-19 measures - Oman - CMA Launches E-service for calculation of Total Loss Compensation - Egypt’s Delta Life paid compensations hit EGP 123 m in 9m - Egyptian Life Takaful- GIG issues 78 collective policies in 9m - 70% of Chinese companies want to spend on blockchain - Saudi Arabia to increase digital technologies in financial sector - UK economy shrinks 20% in April - UAE economic recovery to begin in H2 - KSA - Arabia Ins. turns to profitability in Q1-20 - KSA - Malath Cooperative Ins. Q1 profits down 39% - Compensation paid by Egypt’s insurers 21.4% up in 3m - KSA - Chubb Arabia sees 62% profit plunge in Q1 - Bupa to increase stake in Bupa Arabia to 43.25% - UAE - Financial inclusion covers 85% of adults - Egypt – Ins. companies’ premiums rise 15.6% in Q1 - KSA - MedGulf records 17% increase in Q1 profits - KSA - Gulf Union, Al-Ahlia Ins. ink binding merger deal - AM Best turns negative on GCC insurance markets - UAE's Al Hilal Bank sells Islamic ins. subsidiary to Siraj Holding - Japan - Insurer to turn contract workers into full-time - Egypt - FRA suspends ins. brokerage licensing for 12m - GIG-Egypt wins policy bid for Petrojet’s assets - Egyptian Life Takaful- GIG pays $15.8 m compensation in 9m - USA - 44% of Small Businesses Never Had Insurance - DIFC's reinsurance premiums surge to $2bn in 2019 - Egyptian Cooperative Ins.’s premiums surge 2% in 9m - UAE - Dar Al Takaful to buy Noor Takaful for Dh215m - KSA - Wataniya Ins. incurs SAR 7 mln loss in Q1 2020 - UAE – Ajman chamber to obtain health insurance - IMF agrees on $5.2B for Egypt as virus threatens economy - US economy recovers faster than expected - Malaysia announces $8.2 Billion in Additional Stimulus - KSA - AXA sees 32% higher profits in Q1-20 - KSA - MedGulf to offset SAR 120m accumulated losses - Eurozone economy to shrink 8.7% in 2020 - G20 discusses the Long-Term Vision for the Digital Economy - 3 insurers vying to win bid for Egyptian bourse’s assets - Egyptian Life Takaful-GIG posts premiums up to $29.6m in 9m - Eurozone economy starts to rebound in May - Germany approves a 130 billion euro stimulus package - DIFC companies to benefit from Master Employee Health Ins. - UAE - Daman Launches Free Online Community Workouts - GIG Group & BIBF in strategic partnership for Takaful Textbook - Egyptian Takaful Insurance’s assets rise 25% March-end - Oman - COVID-19 patients to be covered by insurance - Morocco - Atlanta Insurance and Sanad merge - UAE - New DIFC Data Protection Law enacted - Bahrain - New push to help women-led startups - Half of UAE residents rank life ins. as key concern - KSA - Limited effects of the Corona pandemic on the ins. Sector - Egypt - Delta Ins. investments rise to EGP 787.4 m - KSA – Walaa ins. signs agreement with Arab National Bank - Saudi minister underscores G20 role in mitigating virus impact - EU proposes 15 billion euro fund to back strategic firms - Canadian Output plunges 8.2% in Q1 2020 - Italy slips into great recession - UAE - RSA extends motor ins. support to frontline workers - GCC - MetLife Launches Health Talk Show - UAE insurers face moderately low risk from coronavirus - Turkey's economy grows 4.5% in Q1 - USA - Insurers return part of auto premiums - UAE - Salama's profit down to AED 13.6m in Q1-20 - China - $702.2 bn total assets of foreign banks, insurers - Eurozone to shrink between 8% and 12% in 2020 - Saudi Arabia to return to normal by June 21 - Dubai reopens gradually from May 27 amid Covid-19 - Ministers for European affairs discuss de-escalation measures - China introduces new artificial intelligence news anchor - UAE - SALAMA announces AED 13.65 m profit for Q1 2020 - Moody’s affirms Kuwait Insurance Company’s A3 IFS Rating - KSA - Three Indicators drive Positive Outlook for Economy - China abandons setting 2020 GDP target - KSA - SABB Takaful receives approval on 3 ins. Products - KSA - SAMA rejects distribution of AXA proposed cash dividend - Egypt - Wataniya Ins. gets non-life coverage licence - Egypt - Mohandes ins. targets EGP 112.5m profit in FY20/21 - Oman - Al Ahlia Ins. makes insurance purchase simple, easy and safe - Egyptian Takaful to cover Orange Egypt’s assets - AXA and Democrance expand partnership - Dubai National Ins. reports AED 27m profits in Q1-20 - Oman - Insurers record 23,800 traffic accidents in Q1 - KSA - SABB Takaful receives SAMA nod to launch machinery ins. - German economy to shrink by 7.1% this year - Economies prioritising payment digitization better positioned - Saudi ins. spending per capita hits SAR 1,105 in 2019 - KSA – CMA approves the reduction of capital of Allied ins. - Kuwait - AM Best affirms ratings of Al Ahleia Ins.; outlook stable - Global ins. market is well capitalized in the face of COVID-19 - Egypt - Delta Insurance’s profit up 37% in 9M unaudited financials - AXA Green Crescent signs partnership with yallacompare - Solidarity Bahrain launches video medical advice service - Egypt - Wearing face masks obligatory in insurance companies - Saudi Arabia - 27% increase in insurance policies - German economy sinks, but skirts worst of virus fallout - Fitch Revises France's Outlook to Negative - UAE economy ministry launches online tool to address Covid-19 - Oman - MOH clarifies on treatment to expatriate workers - China's ins. sector maintains adequate solvency in Q1 - 9% decline in Dubai Insurance profits during Q1 - UN: COVID-19 to slash global economic output by $8.5 trln - Coronavirus outbreak will cost global ins. sector $203 bn - Bahrain - BNL extends insurance cover - Bahrain - Health Ins. available for Journalists Association Members - Fed warns of prolonged U.S. recession after coronavirus - KSA – Ins. sales significantly impacted by COVID-19 - Oman - 2.2% Decrease in Ins. Premiums in 1st Quarter - Egypt - Orient Takaful wins Credit Agricole EGP2.7bn ins. Policy - UAE is already planning for next viral outbreak - First Takaful completes exit from Turkey’s Neova Sigorta - Egypt - IMF approves $2.77 bn in emergency pandemic aid - Saudi Arabia to raise VAT to 15% to protect the economy - Oman Logistics Centre Leads Digital Transformation - Kuwait – Many companies closed for offering lower car insurance - Italy to introduce 55 bn euro aid package to support economy - China central bank signals measures to support economy - Iraq's economy to shrink by almost 10% in 2020: World Bank - KSA - Extending vehicle ins. for two months without any costs - $323 bn in Arab economic losses due to Covid-19 - Fitch: Jordan will have gradual economic recovery - EU agrees first part of coronavirus economic rescue - Kuwait - Warba Ins. agrees on 2019 dividends, bonus shares - AXA Egypt unveils initiatives to support healthcare workers - KSA – SAMA issues the rules governing bancassurance - UK - Bank of England sees worst economic slump in 300 years - The Arab Economic Council calls for international support - Euro zone set for record recession - IBM announces new cloud and artificial intelligence services - AAOIFI organizes a Virtual Forum titled COVID-19 Implications - KSA - SAICO, Al Rajhi renew insurance contract - UAE - Oman Ins. launches a new home product - UAE's real GDP growth assessed at 1.7% in 2019 - UAE – Artificial Intelligence university’s to start in January 2021 - UAE's Salama shareholders approve increase in foreign ownership limit - KSA - Al Sagr shareholders to vote on board, audit reports on June 1 - Japan set to extend state of emergency until end-May - UAE Central Bank hosts its 4th Board of Directors Meeting for 2020 - UAE – ADNIC ins. reveals $33.3m net profit for Q1, 2020 - Kuwait - Gulf Ins. Group acquires stake in yallacompare - Hong Kong facing threat of worst recession ever - Jordan Sees economy down 3% in 2020 Due to Coronavirus - UAE - Oman Ins. launches an all-inclusive home ins. Product - Ireland - Allianz to issue €30 car insurance refunds - France in recession and Spain sees record GDP decline - Canada's economy is in a recession - German economy to suffer biggest collapse in 50 years - UAE - Aman ins. decides not to distribute dividends for 2019 - Lebanon – Insurance pricing in dollars after May 1st - Egypt - Wataniya Ins. in talks to obtain non-life license - AXA Gulf expands insurance offerings due to Corona - Abu Dhabi’s Hub71 gets in 15 more start-up ventures - KSA - Walaa Ins. announces renewal of its CCHI 3-years license - Dubai National Ins. offers discounts to workers in the “health” and “police” - Saudi CCHI Approves decisions in virtual meeting - Riyadh court approves Wafa’s financial restructuring plan - KSA - ACIG submits capital cut request to CMA - U.S. economy faces historic shock - KSA - Children’s vaccinations through home care insured - Oman - Bank Muscat and AXA join hands to offer Motor Ins. Online - Lebanon – Most insurers adhere to official exchange rate - Turkey Wealth Fund consolidates public ins. Firms - Lebanon - Insurers to hike LBP rates to current market levels - Switzerland faces recession in 2020 due to pandemic - EU heading for 5-10% economic contraction in 2020 - UAE - MoF launches upgraded version of Emirates Gate system - UAE – Ins. discounts of 50% for workers in the first line of defense - China’s Ping An ins. reports Q1 Profit Drop of 42.7% - Egypt - Technolease acquires 10% of Mohandes Ins. for EGP 104.5 m - UAE - Watania's OGM agrees on 6% dividends for 2019 - KSA - Bupa Arabia receives approval for new ins. Products - UAE - AXA GCIC launches fully digital life insurance - Moody's - GCC insurers’ risks increase with coronavirus and low oil prices - Oman - Insurance Premiums Grow 5% to RO 486.5 Million - KSA - Al-Etihad Insurance renews CCHI license for 1 year - UAE – Union ins. provides a free month of car insurance - Moody’s says Egypt’s economy seen growing by 4.4% June-end - KSA - Aljazira Takaful says precautionary measures might affect premiums - KSA- CCHI Launches 1st Phase of Health Ins. Data Collection - Dubai authorities urge employers to maintain health ins. - KSA- 9 FinTech Companies to Operate in Regulatory Sandbox - Egypt - Mohandes Ins.’s investments rise to EGP 796m Egyptian in 2019 - UAE - AM Best Revises Outlooks to Stable for Oman Ins. Company - Economic Slowdown in Tunisia in First Quarter - China’s economy shrinks for first time in 28 years - IMF says global economy may not recover fully even by 2021 - Jordanian insurers in the face of the Corona storm - Egypt - Sarwa Ins. to raise paid-in capital to EGP 100m June-end - Allianz CEO Says Virus Hit Insurers Like ‘Meteorite’ - Tunisia calls for debt relief for developing countries - Saudi Arabia - Discount up to 70% on car insurance - Egypt’s Petrojet negotiates with insurers to cover assets - COVID-19 to weaken US P&C insurers’ premiums - KSA - SABB Takaful says COVID-19 measures might affect premiums - UAE - Oman Ins. fast-tracks AED 100m in payments to medical providers - UAE - AWNIC allocates Dh1m to support healthcare workers - GIG Bahrain Announces 15% Discount for medical practitioners - Bahrain National Holding approves 22% cash dividend payout - KSA - Al Sagr says COVID-19 measures to affect premiums - UAE - Oman Ins. to provide financial relief to motor clients - Egypt - NBE starts selling Ma’ash Bokra insurance policies - USA - Auto Insurers Return Money to Customers during pandemic - The African Development Bank wants your ideas for beating COVID-19 - IMF grants nearly $750m to Tunisia to fight covid19 - IMF: World growth to be 'sharply negative' - Blockchains Still Lack Interoperability for Enterprise Use, WEF Says - Union of Arab Insurance Supervisors discusses COVID-19 - Egypt - Delta Life Assurance eyes paid-in capital increase - UAE - Oman Ins. members staying home get access to doctors - Rating Agencies affirm strong rating of Saudi Arabia - KSA - Al-Etihad Ins. says COVID-19 measures could affect GWP - EU ministers fail to agree on economic rescue plan - Coronavirus: Global tally passes 1.5 million - Robots may become heroes in war against COVID-19 - DHA expands its medicine home delivery service in the UAE - Egypt - Traditional insurers allowed to own takaful companies - Oman – Online insurance purchases jump by 59% - Lebanon - All insurance firms will cover coronavirus patients - UAE - ADNIC contributes AED3m to fight COVID-19 - Gulf insurers’ earnings under threat from coronavirus: S&P - France facing worst recession since 1945 due to virus - 70,000 covid19 deaths in the world and 75% of the victims in Europe - Dubai extends usage of expired health insurances - UAE's Ins. Authority delays new life regulations - KSA - CMA Approves Enaya's Request to Reduce its Capital - Bahrain: COVID-19 Not Covered by Insurance - Saudi Arabia Detects COVID-19 From Skies - Artificial Intelligence Is Helping Fight The COVID-19 Pandemic - World Bank warns coronavirus will increase poverty risk - Abu Dhabi - SEHA launch drive-through screening for Covid-19 - Abu Dhabi's Hub71 marks first year as it adapts to challenges - Dubai International Financial Centre is launching a stimulus initiative - Moody's: Sukuk Issuance Stable at $180 B in 2020 - Algorand launches Blockchain Based COVID-19 Global Survey - Oman - CMA instructs insurers to provide coverage for drivers with expired licenses - Egypt’s FRA launches policies for micro-finance amid coronavirus - World is in a recession thanks to coronavirus: IMF chief - UAE - PayBy launches mobile payment services - KSA - Amana Ins. widens 2019 net loss to SAR 27.7 m - UAE - Insurance House shareholders approve 4% dividends - UAE doctors now available via telehealth platform - Solidarity Bahrain approves 15% cash dividends for 2019 - Egypt - Mohamed Okasha to launch $25 million fintech fund - Lebanon - Insurance firms to cover coronavirus treatment - Egypt - Coronavirus to slash GDP growth target to 5.1% - S&P affirms Saudi Arabia rating at 'A-/A-2' - Bahrain Kuwait Insurance approve 15% Cash dividend - EU leaders to detail further coronavirus aid in 2 weeks - USA - Historic $2.2 trillion coronavirus bill passes House - IMF says coronavirus to hit sub-Saharan Africa's growth hard - Saudi health ins. council launches ‘stay home’ campaign - KSA - TAQEEM, Najm launch electronic system for vehicles - UAE - Daman to cover services related to COVID-19 outside country - UAE - SALAMA Ins. achieves AED 55 million net profit in 2019 - Bahrain - CBB Treasury Bills oversubscribed - Oman - Insurance firms to launch e-services - Goldman Sachs sees 1% drop in global GDP due to coronacrisis - World’s Fastest Supercomputer finds 77 Covid-19 treatments - UAE FinTech platform "Rise" raises over $1 million - China’s Economy Will Show Recovery in Q2 - Artificial intelligence improves China’s earthquake monitoring - Saudi banks should embrace fintech strategies - KSA - Al Sagr swings to SAR 39.9 mln loss in FY19 - Saudi ins. sector expected to reach $12.8 B by 2024 - UAE’s hospitals want insurers to pay up fast - UAE - ADX Decides to Delist ADNIC Converted Shares - Morocco - Covid-19: Insurers adapt to the current situation - Kuwait - New app for motor insurance launched - KSA - Gulf General Cooperative Ins. improves loss by 86.9% - KSA - Arabia Ins. incurs SAR 37.8 mln loss in FY2019 - Misr Life Insurance accepts premium payments electronically - Tunisia: Insurers donate 2 million dinars to Covid-19 - KSA - Buruj recommends withholding cash dividend for FY2019 - Kuwait - Warba Insurance’s earnings soar 50% in 2019 - Saudi Arabia announces SAR 120 B coronavirus precautionary measures - Egypt: Remittances rose 5% to $26.8bln in 2019 - How Dubai is embracing fintech to become a smart city - Zimbabwe’s Central Bank Proposes Regulatory Sandbox For Crypto Firms - Egypt gives extra grace period for ins. premium payment - IATA urges Middle East and Africa to support airlines - U.N. chief says global recession 'a near certainty' - GCC financial sector strong enough to face coronavirus - KSA - Aljazira Takaful net profit rises 19% in FY19 - KSA - Walaa’s FY19 net profit falls by 77% to SAR 23.2 m - Egypt’s FRA: leasing companies can delay loan repayments for 6 months - European Central Bank announces €750bn bond purchase scheme - KSA - SAMA’s private sector financing support program - KSA - Al Alamiya reports 24% profit decline in 2019 - Coronavirus: Non-urgent surgeries postponed in Dubai - KSA - Solidarity narrows net loss to SAR 43.9 mln in 2019 - KSA - Buruj’s net profit declines 79% in FY2019 - KSA - Al-Etihad Ins. board to withhold dividend for 2019 - Kuwait MoI allow car owners to renew ins. without inspection - UAE - ADNIC shareholders approve 30% cash dividends - KSA - Electronic payment is mandatory in early April 2020 - UNESCO to develop ethics for Artificial Intelligence - Moody’s takes rating actions on 7 Omani banks - Two Italian High Schools to Issue Digital Diplomas - KSA - Tawuniya appoints Rania Al Turki as COO - KSA - AXA’s profit hits SAR 108m in 2019 - Allianz Egypt to provide insurance for Castle Development’s projects - WHO describes coronavirus outbreak as pandemic - KSA - Al-Etihad Ins. posts 27% profit drop in FY19 - Kuwait - Al Ahleia Ins. records KWD 10m profit in 2019 - Dubai-based insurtech ‘BuyAnyInsurance.com’ eases purchases - Mohamed bin Zayed University of Artificial Intelligence gets license - KSA- Malath Ins. reports net profit of SAR 18.4 m for 2019 - KSA - AXA Cooperative Ins. proposes 7% dividends for FY19 - Deutsche Bank economist expects German economy to shrink in 2020 - Euro zone economy slowed in fourth-quarter, imports jump - KSA - Bupa gets SAMA nod to renew ins. License - Moody's cuts growth forecasts in G20 countries - UAE Ins. Authority Issues Circular on Coronavirus (COVID-19) - Mastercard: Egypt’s new capital to become an integrated smart city - UAE- Market size from DIFC activities surpasses $700b - UAE – Ins. Authority: The number of companies is relatively large - Jordan - Insurance draft law endorsed - Dubai National Ins. approves 35% cash dividend - Saudi Arabia prepares 25 hospitals to handle coronavirus cases - Saudi Health Council signs agreement with the Gulf Health Council - Ping An ins. launches COVID-19 smart image-reading system - Global growth plunging into downturn over coronavirus - KSA - Tawuniya swings to SAR 402.2 m profit in FY19 - UAE - FNC debates delay of federal health ins. Law - Central Bank of Bahrain to verify compliance by health insurers - Canadian travel insurers stop covering coronavirus trip cancellations - KSA - Al-Etihad Ins. gets SAMA nod to sell travel protect product - UAE - Sharjah Insurance recommends 7% cash dividends - KSA - Walaa Ins. gets SAMA nod to offer protection, saving ins. - SAMA expects new mergers in the Saudi ins. Sector - KSA - Wafa Insurance’s creditors approve financial reorganization - Oman’s mandatory health ins. to be implemented soon - KSA - Aljazira Cap successfully leads Metlife-Walaa merger deal - CMA approves Allianz Saudi Fransi capital hike - KSA - Walaa expects MetLife AIG ANB shares to be delisted - KSA - SAMA issues actuarial regulations for insurance - The UAE insurance sector has good capitalization - UAE - AXA Gulf offers free legal advice for customers - South Korea announces $16.5 billion stimulus package - KSA – 23 thousand new real estate loans in January 2020 - Turkish economy grows 6% in Q4 - Saudi regulator issues licensing guidelines for digital-only banks - Solidarity Bahrain announces profits of BD 2.9 million in 2019 - Saudi Arabia reviews two new digital banking applicants - Kaspersky Debuts Blockchain-Based Voting Machine - Abu Dhabi - FSRA updates its Virtual Asset regulations - Korea Trade Ins. Corp. signs deal with Saudi finance ministry - Malaysia unveils $4.7 billion economic stimulus - KYC blockchain to boost UAE banks' profitability - UAE – Health ministry organizes conference on Artificial Intelligence - Bahrain National Holding registers $13.2mln net profit - Moody's – GCC insurers face big challenges - Bupa Arabia posts 36% profit rise in FY2019 - DIFC reaffirms commitment to advancing fintech - KSA - Wafa ins. postpones vote on financial reorganization - UAE to enrol more Emiratis in financial audit - Saudi Arabia creates ministry for investment - JP Morgan Looking to Merge its Blockchain Unit with a startup - Rising medical cost drains profits of Saudi, UAE insurers - Saudi regulator seeks to raise capital levels for insurers - Possible merger of UAE regulators - MENA’s FinTech Market to reach $2.5 Billion - Kuwait - Gulf Insurance profits rise 12% in 2019 - Dubai Health Authority participates in UAE Innovation Month 2020 - KSA - Creditor objection period on Metlife-Walaa merger to end on Feb. 27 - AM Best stable on Gulf Cooperation Council markets - Italian Startup Bitsa Adds XMR Support to Its Prepaid Card - Saudi GDP growth set to see uptick this year - Sweden is testing its new central bank digital currency - Coronavirus to shave 0.1 points off French economic growth - UAE - RAK Insurance sees AED 3.5m profit in 2019 - Profits of Bahrain Kuwait Ins. decrease by 14% in 2019 - Kuwait Insurance annual profit up 6% - Bahrain’s GFH acquires 70% stake in Dubai fintech Marshal - KSA - SAMA issues the rules governing ins. aggregation activities - The Egyptian Exchange approves Delta Insurance’s capital hike - ADIB bank supports UAE FinTechs with Startupbootcamp session - KSA - Tawuniya renews health ins. with Saudia - KSA - AlAhli Takaful, Chubb Arabia to start merger talks - UAE - Dar Al Takaful in negotiations to acquire Noor Takaful - Jordan - Cabinet gives green light to plan for comprehensive health ins. - UAE - A project to provide compulsory health ins. for visitors - KSA - Launching the first construction warranty ins. Product - Oman - CMA to host Middle East Health Ins. Conference - UAE pledges $500m for digital transformation in Africa - السعودية - نجم لخدمات التأمين تستعرض خططها لأتمتة عملياتها - Muscat Ins. supports Oman Association for Disabled - UAE - Insurance House's net profit increases by 51.9% - Orient Insurance intends to open branches in Saudi Arabia - Kuwait penalizes companies for ‘money laundering’ - Middle East’s Blockchain spending to surge 400% by 2023 - German economy close to recession - UAE announces recovery of two new coronavirus patients - Euro zone GDP slows as expected in fourth-quarter - KSA - GASCO inks health ins. deal with Tawuniya for SAR 20.8 m - S&P expects modest insurance growth in the UAE - South Korea Commits $16M to training Digital Finance Experts - JPMorgan sets deadline for fintechs to sign data access deals - KSA - Bupa renews health ins. license for 3 years - Jordan – Amman will host the World FinTech Forum - Six Out of Top 50 Fintech Companies are in Blockchain - Deloitte Showcases Latest In AI Technology In Dubai - UAE – Profits of ADNIC increased by 20.7% in 2019 - Germany - Damage caused by “Sabine” estimated at 600m Euros - UAE - Emirates Insurance’s net profits up by 23% in 2019 - UAE - SALAMA Posts AED 55 m Net Profit for 2019 - UBS and Zurich ins. launch products for young entrepreneurs - Al Ahlia Ins. wins Oman Insurer of the Year award - Muscat Clearing & Depositing to apply blockchain technology - Kuwait- KFAS organizes robotics' festival - Bank Muscat, AXA tie up to offer Education Savings Plan - AM Best affirms Kuwait Insurance’s rating ‘A-’ - Egypt - Delta Ins. profit jumps 51% in H1-19/20 - Chinese Ins. Firms use Blockchain to process Coronavirus Claims - UAE - Shahada, A Digital Certificate built on Blockchain - Dubai Customs fully prepared for Innovation Month 2020 - Swiss fintech firms venture into Middle East - Bahrain’s Economy to Grow 2.7% - AE insurance company Awnic launches website - Aircraft Maintenance industry to form Blockchain Alliance - Australia to Release National Blockchain Roadmap - Kuwait's First Takaful Ins. to sell stake in Turkish affiliate - KSA - SAMA Proposes the Draft Rules Governing Bancassurance - Majority in UAE say dental care should be mandatory ins. - Dubai Insurance FY19 profits grow to AED 76m - UAE workers to receive free ins. when sending money home - UAE - Oman Ins. sees AED 190.5m net profits in FY19 - Bahrain - AM Best Assigns Credit Ratings to Takaful International Co. - Egypt - Mohandes Ins. net profits up 16% in H1 FY19/20 - Abu Dhabi's Hub71 to have 100 start-up firms by end of 2020 - UAE - Oman Ins. to raise stake in Dubai Starr Sigorta - UAE - WeWork launches first location with Hub71 - Saudi stc pay gets SAMA’s fintech license as e-wallet - FinTech Consortium launches Jordan FinTech Bay - UAE - ADNIC Receives Awards for CSR Contribution - Misr Life launches pension product for NBE’s customers - Kuwait - MoCI to form panel to regulate ins. Business - UAE – Ins. House, Injazat Data Systems to participate in Hassantuk - Eurozone GDP inched up by 0.1% in Q4 - Bahrain Fintech Bay announces new CEO - Bahrain - CBB warns consumers against unlicensed institution - Bahrain Bourse holds Investment Market Workshop - Sharjah Ruler: Comprehensive health ins. for all citizens - Canadian insurer lost nearly US$1M in ransomware attack - Ministry shuts two Kuwaiti insurance companies - UAE ministry of health launches data platform - KSA - Shareholders approve Walaa Cooperative, MetLife merger - Bahrain - Motors Comprehensive insurance policy in force - UAE - Moody’s assigns an A2 IFS rating to Oman Ins. co. - KSA - Wafa Ins. to disclose Q2 2019 financials by May 31 - Smart Dubai announces achievements of Blockchain strategy - Saudi SABB Takaful fined for late disclosure - Saudi Enaya signs ins. agreement with Intl. Medical Center - UAE Ministry of Health unveils AI-based heart monitor - Dubai Health: Ins. coverage includes 99% of the residents - Standard Chartered partners with Bahrain FinTech Bay - Saudi Arabia’s unemployment rates seen healthier in Q4 2019 - Hawkamah and IMF address the Governance of Central Banks - Misr Ins. Holding eyes 10% growth in consolidated net profits - Allianz Egypt to continue growing around the world and in Egypt - Daman leads UAE ins. sector in Emiratisation efforts - Dubai Health Authority launches 3rd Health Accounts report - Securities Regulator of India Bets on Blockchain - Davos 2020 unveils digital currency governance consortium - Artificial Intelligence Art hackathon opens in Riyadh - UK PMI: Economy climbs to 16-month high - Al Ain Ahlia, Aetna International launch health ins. - IMF - World Economic Growth at 3.3% in 2020 - Egypt - Suez Canal Ins. promotes the digital signature - DIFC’s FinTech hive reveals ‘scale up programme’ - Bahraini economy to grow 2.3% in 2020 - Markaz: GCC market outlook 2020 mostly stable - Saudi Arabia – IMF expects 2.2% GDP growth in 2021 - South Korea Considers 20% Crypto Income Tax - UAE - Vehicle insurance covers flood damage - GIG – Kuwait launches new int’l health insurance - Saudi Arabia issues $5 billion of bonds - Global IT spending to reach $ 3.9 trillion in 2020 - Misr Insurance Holding to set up 3 units - Algeria to host the GAIF 2020 - KSA - Solidarity, Aljazira Takaful ink new merger MoU - Chubb Arabia inks ins. deal for Inochem’s calcium project - KSA - Saudi Enaya appoints financial advisor for capital cut - Saudi Registers 54% Increase in New International Firms in 2019 - UAE – DIFC: New mandatory savings plan - Solidarity Bahrain credit rating upgraded - China - First foreign-owned insurance firm - KSA – SAMA stopped two reinsurance brokerage firms - UAE - Al Hilal Bank to sell Takaful to Siraj Holding - US banks post big profits - UAE - Home ins. adoption remains low - UAE - FNC to debate ins. cover for rainwater damage - Gemini launches firm to insure its crypto custody branch - UAE - Blockchain technologies to help conserve over Dh11 billion - KSA - Foreign investments rise 11% in 9M 2019 - UAE authorities sign guiding principles on sustainable finance - AXA Life Egypt declares EGP 126 m in shareholder dividends - Shanghai reveals its fintech action plan - KSA - Amana renews SAR 22.7m health insurance deal - Egypt’s Misr Insurance signs JV to run life takaful unit - Misr Ins. Holding's net profits reach record EGP 4 bln - Jordan- JIF, Palestinian peer sign cooperation agreement - Sharjah announces biggest budget in history of emirate - Bahrain Economy Grows 1.6% in Q3 2019 - Egypt - S&P positive outlook promises new foreign investments - Egypt's real GDP to rise to 5.9% in 2020: World Bank - Bahrain Fintech bay to host open banking conference - MENA startup ecosystem raises $704 million in 2019 - Banque Saudi Fransi '1st local bank' to launch e-signature - Fitch: GCC states have large fiscal buffers - Facebook highlights 2030 vision without Libra - Egypt Post could be about to get into the microfinance game - Tunisia: GDP growth to reach 2.2% in 2020 - Global economic growth: modest pickup to 2.5% in 2020 - Arab Monetary Fund: Euro and USD included in payment platform - Egypt's core inflation accelerates to 2.4% in December - World food prices surge to 5-year high in December - Egypt’s banking bill sent to parliament at long last - Egypt - Misr Ins. Holding to form JV with two biggest state banks - Saudi court approves Wafa Ins.’s financial restructuring plan - Australia – Ins. losses from bushfires increased to $481 million - MENA - Euronet Worldwide will work with Visa - UAE - DIFC Partners with Insurance Industry Leaders - Egypt captures 25% of all startup deals in MENA - UAE - IBM launches 2 data centers for cloud services - Artificial Intelligence Improves Brain Tumor Diagnosis - KSA - Gulf General inks ins. deal with Aljabr Financing - Kuwait commerce ministry takes measures against offending companies - Kuwait - Panel rejects 10% health ins. based on salary - MENA’s ‘Internet of Medical Things’ to reach $9bn by 2022 - Solidarity Bahrain launches new core insurance system - Tokio Marine General Takaful targets 15% annual growth - Bahrain - Forum focus on AI and FinTech - Arabia Ins. gets SAMA nod to renew license for 3 years - China streamlines its Blockchain Patent Application Process - Artificial intelligence improves cancer detection - KSA - Ministry of Hajj says pilgrims enjoy comprehensive ins. - Dubai's expansionary budget to reinvigorate economy - KSA - Wafa says Q1 financials to be delayed until Feb. 29 - KSA - SAMA bans combining ins. and reins. Brokerage - KSA - Walaa Ins. announces details on merger with MetLife - UAE – Ins. Authority: Discounts for drivers of "clean records" - China opens ins. industry to 100% foreign ownership in 2020 - KSA - Approval on Walaa's request to increase capital - UK – Governor of Bank of England warns about climate change - UAE - Non-Arab foreign investment stocks $3.4bln in 2019 - Egypt tops African countries in Venture Capital inv. in 2019 - MENA – 445 million mobile money wallets in 2019 - Egypt - Ministerial committee probes unified insurance bill - Morocco launches free cancer treatment for children - KSA - Public Pension Agency inks MoU with Walaa ins. - 160,000 Belgian Allianz Partners clients affected by data theft - Australia - More than 2 million dropped their health ins. - UAE - One-year medication for patients without full cover - Saudi SAMA nods MetLife AIG ANB, Wala merger - KSA - Gulf Union, Al Ahlia Insurance sign merger MoU - KSA - Alahli Takaful renews SAR 54.7m ins. Contract - KSA - Al Ahlia board calls off proposed capital hike - UAE's Draft electronic insurance regulations - Kuwait - MoCI obliges all insurers to codify documents - Kuwaiti gov’t fails to repay KWD 57.8m for Afya Health – Gulf Ins. - KSA – SAMA calls upon 2 ins. agencies to fix their situations - Saudi Arabia - Personal ID cards ease access to health cover - KSA - Bank Aljazira to hand over ins. portfolio to subsidiary - Egypt Delta Life Assurance’s premiums fall 5% in 3m - Oman's Capital Market Authority issues Takaful Regulation - Saudi health ins. council finds 10 violations - Egypt - Wethaq Takaful Ins.’s net profit 27.3% up in 3m - Egyptian investors acquire stake in Tokio Marine Takaful - KSA - Malath to offer construction guarantee ins. - GIG-Egypt to cover Ahmed Hamdi Tunnel’s engineering works - Egypt - Insurance companies’ premiums 19.7% up in Q3 - Jordan Ins. Federation Launches the 2020 Training Plan - KSA - AXA shareholders approve 11.11% capital climb - Indonesia – criminal charges against former ins. Executives - Saudi health ins. officials issue warning on patients’ rights - Wethaq Takaful Ins.-Egypt’s premiums grow 80% in 3 m - Egypt Mohandes Ins.’s standalone assets 6% up end-Sept. - Dubai Health Authority offers home delivery of medicines - GCC infrastructure spend to boost non-oil GDP - Assets of Saudi investment funds rise 9% in Q3 2019 - Dubai - 2.75% reduction in consumer prices - Unemployment rate in Saudi Arabia drops to 5.5% - China's retail sales up 8% in first 11 months - Oman’s Unified Health Insurance Policy amended - UAE and Egypt to strengthen trade relations - Turkey's sovereign wealth fund to take over insurance firms - Bank Muscat announces $100m fintech program - Consumer optimism in the GCC hits new high - Egypt’s Golden Shield gets insurance brokerage licence - Anthem would Utilize Blockchain to Store Medical Data - Tawuniya secures SAR 115 mln ins. contract with Tahakom - KSA - Wafa Ins. expects to disclose Q2 2019 results by Jan 2020 - USA - Federal auditor renews concerns of Medicare Advantage gaming - Kuwait rated among advanced global health coverage systems - Egypt’s Royal Insurance Oks paid-in capital increase - Egypt’s Raya Holding mulls micro-insurance unit launch in 2020 - Department of Health of Abu Dhabi updates its strategy - Arab Reinsurance Company maintains its B+ rating by A.M. Best - Dubai Future Foundation uses Artificial Intelligence to attract talent - Sharjah HR Directorate organizes artificial intelligence training - KSA – SAMA suspends 4 ins. professional companies - Arab Reinsurance Company maintains its B+ rating by A.M. Best - Shareholders’ equities of Egypt’s insurers decline 7.8% June-end - UAE: Over 8,000 Jobs to be created in the Banking and ins. Industry - Blockchain Makes Money Laundering Risks Greater - Arab Reinsurance Company maintains its B+ rating by A.M. Best - Abu Dhabi orders hospitals: treat emergency patients regardless of ins. - KSA - Hajj Ministry announces insurance for pilgrims - Unifying health insurance programs in Dubai - Arab Reinsurance Company maintains its B+ rating by A.M. Best - UAE - Fichte & Co launches "Maritime Insurance Roundtable" - China to allow 100% foreign life ownership in January - 4 Egyptian insurers vying to win National Air Services’ policy bid - Arab Reinsurance Company maintains its B+ rating by A.M. Best - UAE - Nexus Launches Expat Income Protection Insurance - KSA – Wafa ins. submits proposal of financial restructuring plan - China’s Central Bank Likely to Pilot Digital Currency - Arab Reinsurance Company maintains its B+ rating by A.M. Best - Dubai’s Roads Authority to develop digital vehicle plates - Egypt tops list of states inking financing deals for startups - UAE – Startups to drive a 2.8% real GDP growth in 2019 - China's growth forecast at 6.1% for 2020 - GCC: World Bank expects 2.6% economic growth in 2021 - Researchers say these are 2020's biggest cybersecurity challenges - Ithmaar Bank named fastest growing Islamic Fintech Bank - Egypt - Metlico issues ins. policy for Kharafi National - Egypt - Mohandes Ins.’s board Oks paid-in capital increase - Orient Takaful Egypt eyes boosting investment at end-FY20 - Dubai Silicon Oasis enhances services with Artificial Intelligence - Abu Dhabi – Dept. of Health launches emergency program - KSA - Al Sagr renews medical ins. deal with Maharah - Two Egyptian insurance startups get brokerage licences - Egypt 10-year investments in insurance sector hit EGP 102 B - Egypt’s regulator is putting the final touches on the draft Ins. Act - Goldman Sachs to launch services on Amazon's cloud - Bahrain - NBB becomes first bank to launch Open Banking in Mena - Compensation paid by Egypt’s commercial insurers 15.3% up end-Sept. - KSA - SAPTCO signs SAR 21.5 m medical ins. deal with Tawuniya - SoftBank Releases Debit Cards With Built-In Blockchain Wallet - S&P revises Bahrain’s outlook to positive - Bahrain - Bank ABC launches ila, its digital, mobile-only bank - SABB Takaful signs ins. deal with Saudi British Bank - Free App: Life Insurance, Wills and Family Finance - Arab Federation of Exchanges inks fintech MoU with MFTA - UAE- Arabic version of Zoho Creator to help create applications - Dubai DFSA and Luxembourg's CSSF sign innovation agreement - Cardano Dives Into Crypto Payments - E-payments account for 36% of all Saudi retail deals - Fitch revises Turkey's outlook from negative to stable - KSA - Walaa, MetLife seek GAC’s approval of merger - UAE insurers' profits to stay good in short, medium term - China-Central and Eastern European forum on fintech - Fitch: Start-Ups to drive Egyptian Fintech market - KSA - Bupa Arabia secures ins. deal with NCB - AXA Insurance – Egypt raises paid-in capital to $18.6 m - InsurTech Egypt launches its first hackathon “InsurHack” - Ahli United Bank Egypt launches savings product with Ins. Feature - Najm and Bahrain Ins. Assocation cooperate - Dubai - DIFC to host flagship Future of Finance Conference - Egypt’s Misr Life strikes bancassurance deal with NSB bank - Bitcoin plummets to a 6-month low - Dubai’s economy grows 2.1% as most sectors improve - Wethaq-Egypt’s ins. activity surplus hits $4.3 m in FY2019 - KSA - SAMA directs Salama to meet solvency margin requirements - Saudi Arabia - New digital era through 6 forums at Arabnet 2019 - KPMG in Bahrain to shed light on IFRS 17 - UAE – Ins. premiums rise to AED 57.3 bn in 2024 - GCC ins. market to grow to $36.1bn by 2024 - Oman – New draft ins. policy to help needy borrowers - Morocco to expand financial services with fintech - SAMA orders ACIG to raise statutory deposit - Arab Bank concludes 2nd fintech innovation program - Bahrain Finance Minister confirms regional economic growth - Sony announces the establishment of Artificial Intelligence unit - int@j offers the 1st international IoT certificate in Jordan - Oman’s ‘first’ blockchain trade deal conducted - HSBC, SABB Use Blockchain For Trade In Bahrain, Saudi - UAE to boost global FinTech destination via Finovate - Wethaq Launches First ‘Fintech’ Sukuk - 11 start-ups selected for MENA accelerator program - China-Bahrain venture fund targets Middle East tech market - Saudi Arabia, UAE ink road accident management deal - Egyptian Takaful Insurance’s GWP grow 28.8% y-o-y in Q1-FY20 - GIG- Egypt eyes 10% y-o-y surge in FY2020 premiums - AXA Gulf adopts AWS to enable digital transformation - UAE - 700 ins. certificates for Ajman Free Zone workers - Dubai - Ins. Dispute Settlement Committees start work - MedGulf signs health ins. agreement with Saudi Electricity Co. - FSB MENA group discusses regional financial stability - Google sets its eyes on banking next year - Dubai Chamber: Sub-Saharan Africa GDP to reach $2.4 trillion by 2023 - UAE-Egypt non-oil trade amounts to AED89.5 B - Egypt’s central bank makes 3rd cut to interest rates - UAE – Ins. Authority issues administrative penalty on actuaries - Dubai – DFSA extends MoU with China Banking and Ins. Regulator - UAE - Oman Insurance gains up 65% - MENA - Bahrain ranked 1st by Islamic Finance Develop. Indicator - Egypt - FRA approves Attijariwafa’s ins. unit request to expand - KSA - SAMA updates actuarial regulations for insurance sector - Kuwait- KD 130 Health Ins. for Expats From 2020 - Egypt’s Misr Insurance launches product against electric risks - Bahrain - Health insurance plan on the way for expats - Solidarity Bahrain: BD 607 thousand profit in Q3 - Alibaba’s Ant Financial starts testing of Business Blockchain - Consumer spend in Islamic economy hits US $2.2 trillion - Kuwait Ins. Company: profits at KWD 8.7 m in 9m - UAE - SALAMA reports 15.7% increase in 9m 2019 net profit - Dubai - DFSA participates in Singapore FinTech Festival - Sharjah FDI forum 2019 looks into the future of AI - Allianz Egypt achieves EGP 4bn premiums in 2019 - UAE - ADNIC partners with Addenda Technologies in blockchain - KSA - Bupa Arabia signs cooperation agreement with BIAC - KSA - Malath Cooperative Ins. Q3 profit falls 37% - Dubai - Global Future Councils discuss technology and geopolitics - Hong Kong Unveils New Rules for Cryptocurrency Exchanges - European Union moves to end fossil fuel funding - GCC banks expand globally and digitally - UAE - Yallacompare and Etisalat offer ins. in new partnership - Allianz Egypt to launch new microinsurance product soon - Misr Insurance, Agiba Petroleum renew cover deal - KSA – Artificial Intelligence to contribute 12.4% of GDP - SAMA to Establish Saudi Payments Company - UAE non-oil GDP growth seen at 3% next year: IMF - Bahrain government epayments increase by 29% in Q3 - Bahrain readies for $320 billion Mideast AI boom - GlobeMed conducts a Seminar in Turkey - 83% of UAE businesses expect sales growth next year - SAMA’s first MoU signed with the DFSA - Egypt – Central bank promotes fintech and e-payments - Wethaq Takaful Egypt wins New Beni Suef’s motor ins. Bid - Kuwait - Al-Ahleia Insurance profits down 13% in Q3 - Bahrain - BIBF launches the Region’s 1st MSc in FinTech - 40% Emiratization in the banking sector over the next 3 years - Faisal Islamic Bank buys stake in Egyptian Takaful Ins. - Bahrain - Health Insurance Fund holds board meeting - Bahrain - AFS recognized as best Fintech solutions company - UAE central bank cuts rates by 25 basis points - FinTech cooperation between the UAE and China - bwallet and University of Bahrain collaborate on Fintech - China's listed insurers post steady premium growth in 9 m - IMF: Egypt best-performing economy in MENA - KSA - Bupa reports 32% profit rise in 9M 2019 - "تشب العربية" تتسلم تعميد تغطية مخاطر الأضرار من سبكيم - UAE - Alliance Insurance’s net profit down 7% in 9m - Egypt’s Royal Insurance wins food manufacturing plant’s fire policy - KSA - Malath Cooperative signs ins. agreement with Riyad Bank - GIG – Egypt eyes 10% surge in FY20 investments - China’s Central Bank introduces Certification System for Fintech - Egypt - Mastercard, e-finance join forces to digitalise government payments - UAE - Adnic reports 11.1% profit growth in Q3 2019 - Egypt’s FRA mulls offers for 2 public non-life insurers - UAE - Axa Gulf rolls out insurance for low-income workers - UAE - ADGM’s FinTech Digital Lab Opens for Applications - KSA - Najm upgrades its skills to detect ins. Fraud - Egypt - Compensation paid by ins. up 16.3% in 8 m - Egypt - Takaful premiums jump to EGP 5.4bn in 8M - KSA - SABB Takaful renews 3 policies with SABB - Oman - Capital Market Authority launches health ins. Database - KSA - eXtra receives SAR 24 m ins. claim for store fire - Egypt is the second most active FinTech startup hub in MENA - Fintech Abu Dhabi closes with focus on upscaling initiatives - KSA – Tawuniya wins most innovative ins. Product - Saudi Arabia launches building ins. policy before year-end - Egypt - Insurers vying to cover Ahmed Hamdi Tunnel - Egypt’s Cooperative Ins. Society to cover NGOs clients’ loans - Moody’s affirms Gulf Insurance Group’s A3 IFS Rating - Bahrain: 15% Decline in Car Accident Insurance Claims - Egypt - Mohandes Ins. investments rise 10.4% in FY2018 - Wethaq-Egypt board Oks paid-in capital increase - KSA - Malath inks vehicle ins. deal with Bank Albilad - Saudi GOSI Elected as a Member of Executive Office of ISSA - Moody’s affirms Buruj's Baa2 Rating; changes outlook to stable - Dubai - 5.1 m health insurance policies this year - 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. Initiative B3i Expands Its Group of Investors - What UAE people claim for the most on travel ins. - UAE first country regionally in fintech - 100 Arab Start-ups Shaping the 4th Industrial Revolution - World Bank: Vision 2030 Diversified Saudi Income Sources - Investments to UAE expected to rise by 20% in 2019 - Mideast ‘biggest target’ of cybercrime - Lebanon – Oil and Gas summit emphasizes insurance role - MENA - Cyber threats beyond traditional attacks - Fintech Cairo: Fostering Innovation in Financial Inclusion - Moody’s: Takaful demand spurs higher premiums - Kuwait - Health Ins. fees from Jan 2020 to be KD 130 - Bahrain - FinTech Hackathon for Sustainability - Smart Dubai Office endorses du’s Blockchain Platform - UAE – Future Blockchain Summit - UAE - Coursera and INSEAD launch Blockchain Specialization - Dubai - DIFC FinTech Hive accepts applications - Ajman government to enact 'Smart Payment System' - UAE - Takaful premiums reached AED 3.7 billion in 2018 - GCC - Car ins. prices continue to decline in 2019 - Solidarity Bahrain launches the first Ins. Hackathon - UAE - SALAMA Islamic Arab ins. co. reports strong growth - 16 Saudi ins. firms log millions in losses in 2018 - UAE - Community contributions of 21 insurers at AED 2.95 million - Oman - Details of mandatory health ins. Revealed - Gulf Insurance to distribute 36% of par value as dividend - UK Insurers pay £1 M each day for vehicle thefts - UK - AM Best: negative outlook for 2019 non-life ins. - UAE - Among world's top 10 most positive on economy - Lebanon – Government targets transition to a digital economy - Saudi Arabia - Foreign entrants to boost ins. Market - KSA - Najm plays key role in developing ins. Technologically - China - Joint Venture to develop pension ins. - Two Bahraini women join top 100 fintech list
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Islamic Arab Ins. Company to raise foreign ownership limit to 49%

Monday, 10 14 2019, Category: Islamic Insurance, Country: U.A.E
Islamic Arab Insurance Company (Salama), one of the UAE’s largest takaful companies, plans to raise the foreign ownership limit of its shares to the maximum permissible under UAE law of 49 per cent, the company said.

The Islamic insurer is also reducing paid up capital of Dh1.21 billion to write off accumulated losses of Dh394 million to allow it to start paying dividends again, according to a statement posted on Sunday on the Dubai Financial Market, where its shares trade.

“The paid-up capital of the company as well as the number of issued shares will be reduced approximately by one third, which should reflect positively on the financial structure of the company and put it on track towards starting dividend distribution,” Salama said of the decisions made at a recent board of directors meeting.

“Eeven after reduction of capital ... the company will continue to have a high and healthy solvency capital that exceeds the regulatory requirements."

The company also plans to cancel about 21.6 million treasury shares bought 10 years ago to enhance the efficiency of its capital structure.

“These measures will enable the company to improve its credit rating, which was recently upgraded by S&P to 'BBB'. The board is committed to continue to steer the company towards greater success and efficiency, that reflects positively on the company's customers and shareholders,” it said.


Source: The National - UAE
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