Issue 14 | January 2008

MEMSA Newsroom (see articles below)

Qatar: Firms plan IPO for February 2008 UAE: Insurance premiums in Abu Dhabi to stay at Dh 600 Qatar: Doha Bank launches new unit UAE: Generali set to open a branch in Dubai's DIFC UAE: Chip Debit MasterCard unveiled by FGB Oman: Banking sector to grow by one-third in Q1 Turkey: Wheat and barley output down 20% Qatar: Firms plan IPO for February 2008 Rotorhub.com, 06 Jan 2008, Online:- A holding company made up of Gulf Helicopters, Gulf Drilling International and Al Koot Insurance and Reinsurance Company is to launch an IPO in Qatar. A date for this has not yet been set but it is expected that it could be in February 2008. Back to Top UAE: Insurance premiums in Abu Dhabi to stay at Dh 600 Gulf News, 01 Jan 2008,:- Daman, which is the national health insurer in the emirate of Abu Dhabi, the UAE, and Health Authority Abu Dhabi have agreed to maintain premiums at Dh 600 (US$ 163.39 EUR 112.88) during 2008. Health insurance coverage is compulsory for those living in the emirate starting 2008, and many insurers feel that their bottomline will be affected by subsidised services in addition to feeling the pressure of higher healthcare costs. The Director at Daman's Technical Division, Gulam Mohammad Teli, expects the costs of healthcare to increase by between 8% and 10% during 2008. © Esmerk Link to original article in English. Back to Top Qatar: Doha Bank launches new unit The Peninsula, 07 Jan 2008, Online:- Doha Bank is unveiling its new business unit called Doha Bank Assurance in Qatar on 7 January 2008. The wholly-owned subsidiary will cover all types of insurances except life insurance, and has received its license from the Qatar Financial Centre Regulatory Authority (QFCRA). Meanwhile, Doha Bank's Group CEO, R Seetharaman, said that insurance premiums is in the country are expected to reach QR 4bn (US$ 1.1bn EUR 0.75bn) in 2013. He added that in 2007, a total of QR 461mn was collected in premiums. © Esmerk Link to original article in English. Back to Top UAE: Generali set to open a branch in Dubai's DIFC Milano Finanza, 03 Jan 2008, Online:- At the end of 2007 Italian insurer Generali was granted a licence to operate in the non-life insurance sector in Dubai and is set to open a branch in the Dubai International Financial Centre (DIFC) at the beginning of 2008. The branch will be a springboard for the company to work with companies in other countries in the Persian Gulf. Generali's next step will be to expand into life insurance, developing pension funds, assurance and supplementary benefits particularly for foreign workers in the region. There are 40mn inhabitants in the Gulf and around 8mn of these are immigrant workers, many of whom come from China, Bangladesh, India and Pakistan. The region has an insurance penetration rate of about 1%-2%, a figure which is lower than the 8% global average but is growing rapidly. Its is possible that Generali may look for a local partner with which to develop its policies as it has done elsewhere. Back to Top UAE: Chip Debit MasterCard unveiled by FGB AME Info, 05 Jan 2008, Online:- Chip Debit MasterCard, which conforms with Europay, MasterCard and Visa, has been unveiled by one of the main financial institutions in the United Arab Emirates (UAE), First Gulf Bank (FGB), in collaboration with MasterCard Worldwide. Due to the embedded microprocessor used in the FGB Chip Debit MasterCard, highly secure processing capabilities and memory are provided for higher security. Fraud risk is also reduced with the state-of-the-art chip technology used in the card, according to Head of Retail Banking Group of FGB, Amit Wanchoo. As the card is accepted globally in more than 1mn automated teller machines (ATMs) and at more than 25mn locations, it provides cardholders the flexibility to withdraw money and shop while traveling. FGB's existing ATM cards are replaced with the new Chip Debit MasterCard for free in the country. © Esmerk Link to original article in English. Back to Top Oman: Banking sector to grow by one-third in Q1 Middle East Economic Digest Online, 07 Jan 2008,:- Oman's Central Bank Executive President Hamoud Sangour Al-Zadjali stated that the banking sector is expected to grow by a third in the first quarter of 2008. According to Al-Zadjali, the number of banks in Oman will reach 20 during the same period. Meanwhile, Oman's Central Bank has increased the minimum capital requirement for local banks to US$ 260mn ( EUR 177.11mn). Oman Merchant Bank (OMB) is the latest bank to be granted approval by the central bank. © Esmerk Link to original article (registration required) in English. Back to Top Turkey: Wheat and barley output down 20% Turkish Daily News, 07 Jan 2008,:- Turkey's wheat output amounted to 16mn metric tons in 2007, registering a 20% fall as a drought damaged crops. The country produced 20mn metric tons of wheat in 2006. Meanwhile, barley production also dropped by 20% to 7.6mn tons. © Esmerk Link to original article (registration required) in English. Back to Top

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