Reduced cost of living in the Middle East, mainly driven by falling rents, has helped to drive down the region’s ranking in Mercer’s 2012 Worldwide Cost of Living Survey.
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The combined liabilities of all GCC employers for End Of Service Benefits (EOSB) is now around US$16 billion and is projected to increase to $75 billion by 2020, said a new report by Insight Discovery, highlighting there is a critical need to restructure the region’s EOSB system.
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Working women in the region are motivated mostly by monetary prospects, and 65% of them believe that women in mixed-gender workplaces receive no special benefits, said a survey conducted by Bayt.com, the Middle East’s leading job site and YouGov, a research and consulting organisation.
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Insurance profitability across top 30 conventional insurers in the GCC dropped over the last four years from 28% in 2007 to 9% in 2011, said a report by global management consultancy A.T.
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Despite heightened regional geopolitical risks, four out of six GCC countries and the UAE in particular, are poised to witness robust economic growth this year in comparison to the previous year, said a report by the Dubai Chamber of Commerce and Industry (DCCI).
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Two Iranian insurers, Central Insurance Co and Kish Protection & Indemnity Club (Kish P&I), have reported that they are ready to provide insurance coverage for tankers carrying Iranian oil.
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ordan Insurance Federation (JOIF) signed a co-operation agreement with Jordan Public Security Directorate (PSD) in July to launch electronic reporting of traffic accidents via GPS and satellite GPRS, with the aim of improving the process of solving cases of material damages caused by car accidents.
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Gross premiums in Jordan grew by 9.5% to US$288.1 million at the end of May compared to the $263.1 million recorded in the same period of 2011, said the Insurance Commission of Jordan (IC) in a report.
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HPF Private Investment Fund Co, a Hong Kong-based investor has acquired the entire share capital of Amman-based investment company, Jordan Dubai Capital (JD Capital) for JOD92 million (US$129.7 million) from Dubai International Capital and other shareholders.
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Bank Audi sal - Audi Saradar Group and Saham Finances jointly announced that they have completed the sale by Bank Audi and certain individual sellers of 81% of the share capital of LIA Insurance sal on 27 June, within the expected timeframe after receipt of the required regulatory approvals.
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International law firm Clyde & Co has opened an office in Tripoli on 1 August, its fifth in the MENA region, headed by Libyan lawyer Albudery Sharih, the former General Counsel of the Libyan Investment Authority.
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The QFC Regulatory Authority (QFCRA) has become a signatory to the International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding (MMoU).
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The Dubai Health Authority (DHA) has embarked on the second phase of its project for electronic health insurance claims to be implemented across all clinics and hospitals in the Emirate, as it seeks to further minimise insurance fraud, said media reports.
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The UAE has inaugurated a much-anticipated overland oil pipeline that has the potential to export more than 1.5 million barrels a day (bpd) through the seafront of Fujairah.
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UAE investors are failing to take appropriate professional financial advice when planning their investments, said the latest Friends Provident International (FPI) Investor Attitudes Report.
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The National Bank of Fujairah (NBF) has signed an agreement with Oman Insurance Co (OIC) that would see the bank distribute a suite of general and life insurance products through its distribution network.
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Health insurer Green Crescent Insurance Co (GCIC) reduced its loss to AED8.6 million (US$2.3 million) in the first quarter of 2012, compared to a loss of AED14.5 million in the same period last year.
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Hong Kong-based Pacific Prime Insurance Brokers has negotiated an exclusive arrangement with InterGlobal in the Middle East to provide direct billing services for policyholders in Dubai as part of its initiatives to meet the demands of a growing individual client base in the UAE.
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Zurich has launched a range of travel insurance products in the UAE ahead of a wider regional rollout in Bahrain, Kuwait, Lebanon and Oman.
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