Jumaa unveils new corporate logo reflecting transformation
MUSCAT -- Al Ahlia Insurance commemorated 21 years of successful operations with the launch of a new logo reflecting the progressive march of the Sultanate's leading insurance company seeking to benefit from the evolving opportunities in regional and global expansion. Dr Jumaa bin Ali al Jumaa, Minister of Manpower, unveiled the new logo of Al Ahlia Insurance at a ceremony attended by key government and private sector officials at Barr al Jissah Resort and Spa.
Sayyid Khalid Hamad Hamoud al Busaidy, Chairman, said Al Ahlia, which commenced operations in 1985, witnessed a number of transformations globally, regionally and in Oman over the past two decades. "It is only appropriate that the corporate logo of the company reflects the transformed Al Ahlia. The two arches in the logo denote the professional expertise we bring to our customers and the reliable partnership we bring to our stakeholders, intermediaries and re-insurers. The new logo reflects our vision of having a global outlook, offering new services attuned to the needs of customers and expanding our reach within Oman and beyond," Al Busaidy said.
Summing up the opportunities, Al Busaidy said strong growth is being witnessed in emerging market economies. Against an estimated world GDP of $45 trillion, emerging markets account for 27 per cent or $12 trillion compared to $6.5 trillion 10 years ago. The combined GDP of the Middle East is close to $1 trillion, about two per cent of the global GDP, he added. The near term prospects for the Middle East region are optimistic. The current levels of favourable prices and growing domestic demand will contribute towards a robust growth in the region.
Annual average growth rate of GDP in the Middle East between 2006 and 2011 is expected to be around five per cent, almost double the growth rate in the industrialised markets, Al Busaidy noted. In Oman, the insurance sector has grown both in volume and complexity. The Oman market premium has grown to around $325 million, accounting for about eight per cent of the estimated premium of the GCC markets. The market has witnessed growing number of new entrants although there is a strong case for mergers and consolidation as seen in the banking sector, Al Busaidi said.
Al Ahlia, which was embraced into the ONI Holding Group in 2001, achieved accelerated progress over the past six years. Gross premium has grown by 310 per cent from RO 5 million to RO 22 million and underwriting results by 299 per cent from RO 800,000 to over RO 3 million. Al Ahlia is today the flagship subsidiary of the ONIC Group with a net worth of $140 million. ONIC Holding has grown to become a well diversified financial services conglomerate with long term interests in insurance, banking, leasing and investment sector, Al Busaidi said. Training and continuing professional development of employees remain high on Al Ahlia's agenda, which boasts 62 per cent Omanisation, he added.
Al Ahlia has partnered many commercial ventures that have contributed significantly to Oman's progress and development. As lead insurers, the major projects supported by Al Ahlia include the $1,800 million Blue City, the $1,700 million Sohar Aluminium, the $1,500 million Aromatics Oman, the $572 million construction of a fertiliser plant in Sohar, the $262 million Salalah Port expansion and the $391 million Southern Expressway project. Marking Al Ahlia's corporate social responsibility, the company donated a bus to Oman Association for Welfare of Handicapped Children (OAWHC) during the logo launch ceremony. Dr Mohammed Redha Hassan Suleiman, Chairman of OAWHC, received the key to the bus.
By Ebby Chacko George
© Oman Daily Observer 2007
