The International Monetary Fund (IMF) expects the combined GDP of the MENA region to expand 3.1% this year, down from its October growth forecast of 3.6%, due to a decline in oil production growth among exporting countries and ongoing political transition in some oil-importing nations.
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The majority of businesses in Europe, Middle East and Africa (EMEA) have been unable to protect their value chains against unforeseen events, said a study by Oracle.
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Global trade credit insurer Coface has confirmed the stability of GCC economies, with the UAE maintaining its A3 country risk assessment, while Saudi Arabia and Qatar are also stable at A4 and A2, respectively, despite risk environment and business climate continues to deteriorate in South European countries.
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Arig's net profit for the first quarter of 2013 fell to US$2.7 million from US$5.5 million last year, while gross premiums grew 3.1% y-o-y to $164.9 million.
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Bahrain Kuwait Insurance Company (BKIC) has reported a net profit of BHD914,000 (US$2.4 million) for the first quarter of this year, down slightly by 0.3% from the same period last year.
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Bahrain National Holding Company (BNH), the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance, recorded a net profit of BHD1.2 million (US$3.2 million) for the first three months of the year, up 50% y-o-y.
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Arab Misr Insurance Group (AMIG) achieved EGP398 million (US$57.1 million) worth of investments in the first nine months of FY2012/2013, up 27% from the same period of last fiscal year, say media reports.
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Dhofar Insurance's net profit for the quarter ended 31 March grew 9% y-o-y to OMR1.58 million (US$4.1 million), while GWP rose 12% to OMR16.26 million. Net underwriting results stood at OMR2.37 million, up 27.4% y-o-y.
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Oman's Risk Management Services (RMS) has launched the insurance broking operations of its associate, RMS ARC Insurance Brokers, in India, said media reports.
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Qatar has approved a draft health insurance law mandating universal coverage for all citizens and residents, including GCC nationals and visitors, said media reports.
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Qatar Insurance Company's (QIC's) capital base has increased to QAR1.28 billion (US$351.6 million) from QAR743.24 million after its rights issue was oversubscribed in March.
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The Overseas Private Investment Corporation (OPIC), the US Government's development finance institution, has signed an Investment Incentive Agreement with the Government of South Sudan supporting US private sector investment in Africa's newest nation.
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The Council of the European Union has eased certain sanctions against Syria, including the oil embargo, to help the civilian population and support the opposition in the country.
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UAE insurers are likely to see strong continued growth in 2013, despite expectations that the country's economy will expand at a slower pace following a reduction in oil output, said A.M. Best in a new report.
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The UAE has issued legislation to promote Abu Dhabi as a leading global market and enhance its economic environment to attract financial investments and more effectively contribute to international financial services.
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Only 10% of UAE-based non-resident Indians (NRIs) have invested in retirement plans for their golden years, while at least 75% expect to be cared for in old age by their children, said Edinburgh-based long term savings and investments firm Standard Life in an NRI Wealth Study.
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ADNIC's gross premiums grew by 2% y-o-y to AED747 million (US$203.4 million), while net profit fell by 7% y-o-y to AED80 million in the first quarter of the year.
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UAE investors are now more confident in their local investment market than their counterparts in Hong Kong and Singapore, said the latest Friends Provident International (FPI) Investor Attitudes report.
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Emirates Insurance Company (EIC) reported a net profit of AED37.8 million (US$10.3 million) for the first quarter of 2013, up 0.5% y-o-y, due to a slightly lower investment result in the same period. GWP grew 5.7% to AED220 million.
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Insurance House (IH) saw its net profit grow 14.8% y-o-y to AED3.1 million (US$843,974) in the first quarter this year, while GWP amounted to AED23.1 million, up nearly 78% from the same period a year ago.
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HSBC Middle East has signed an exclusive 10-year agreement with Zurich Insurance Middle East to distribute its personal and commercial general insurance (GI) products in the UAE, and may consider other MENA markets in the future.
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The National Health Insurance Company - Daman has launched an SMS service to alert members on the status of their medical service authorisation requests.
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Nexus Insurance Brokers has unveiled an insurance comparison website to offer users a more efficient means of getting quotes and purchasing insurance.
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