UAE mulls raising foreign ownership in insurance firms to 100%

The authority will not raise the capital of insurance companies

  
House resting on calculator concept for mortgage calculator, home finances or saving for a house

House resting on calculator concept for mortgage calculator, home finances or saving for a house

Getty Images/ boonchai wedmakawand

UAE – Mubasher: The UAE's Insurance Authority is considering increasing foreign ownership limit in insurance companies to 100% instead of 49%, Ebrahim Obaid Al Zaabi, director general of the Insurance Authority, told Al Bayan newspaper.

Al Zaabi added that foreign companies’ branches in the GCC nation are fully owned by non-emiratis.

He pointed out that the authority has no intentions to raise the capital of the UAE’s insurance firms.

Two state-run insurance companies are expected to be merged this year, Al Zaabi noted, affirming that they are still in talks.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Policy