RAKINSURANCE launches its new branch in Sharjah

United Arab Emirates, 29 November 2020: Ras Al Khaimah National Insurance Company (RAKINSURANCE), a RAKBANK subsidiary, is pleased to announce the opening of its new branch located at King Faisal street in the heart of Sharjah. The new location is easily accessible with extended business hours from 8:00AM to 8:00PM (Sunday to Thursday).  This branch houses friendly and dedicated insurance advisers that are trained to provide expert advice on all insurance needs. RAKINSURANCE branches are situated across the UAE in prime locations and cater to over 740,000 customers with protection…

UAE’s new life insurance regulations to increase policyholder number and help grow the Dh9.5 billion sector

UAE’s new life insurance regulations

Although the new life and family insurance regulations that came into effect on October 15, 2020, are more transparent and holds insurance brokers accountable, a drastic reduction in brokerage commission might force many life insurance agents out of work Gross total written life, group life, individual life and group credit life insurance premium in the UAE reached Dh9.51 billion in 2018; Gross written premium in the individual life insurance in the UAE crossed Dh7.52 billion in 2018; New regulations cut life insurance commission drastically, that will make selling life insurance…

UAE and Uzbekistan to enhance economic cooperation

UAE and Uzbekistan to enhance economic cooperation,

 boost joint export credit opportunities The export credit agencies (ECAs) of the UAE and Uzbekistan have agreed to bolster and reinforce the trade and economic alliance between the two countries by exploring and boosting opportunities in the export of goods and services. This follows UAE and Uzbekistan’s last month announcement of their expanded partnership to include economy, manufacturing, and business incubators through implementing 147 initiatives developed by the UAE Government in Uzbekistan. The Memorandum of Understanding (MoU) between Etihad Credit Insurance (ECI), the UAE Federal export credit company, and Uzbekistan…

500 Startups Appoints SHUAA Capital as an Advisor to its 500 Falcons I Fund

500 Startups Appoints SHUAA Capital as an Advisor to its 500 Falcons I Fund

SAN FRANCISCO–(BUSINESS WIRE/AETOSWire)— 500 Startups, the most active early stage venture capital firm globally1, announced today the appointment of SHUAA Capital, represented by Jassim Alseddiqi, as Advisor to its Falcons I fund in MENA (500 Falcons, L.P.). SHUAA under Alseddiqi’s leadership will focus its support on advising 500 Startups’ Falcons I portfolio companies in financing and exit strategies, as the firm’s MENA fund nears the end of its deployment. As CEO of SHUAA, Alseddiqi runs one of the leading financial services firms in the Middle East, SHUAA Capital psc (DFM:…

JAFZA,ETIHAD CREDIT INSURANCE JOIN FORCES TO SUPPORT GROWTH PLANS

جافزا والاتحاد لائتمان الصادرات توحدان جهودهما لتنمية قطاع الأعمال

 OF UAE BUSINESSES The two entities sign agreement aimed to support UAE companies during these challenging times Dubai, United Arab Emirates, 28th of September 2020: Jebel Ali Free Zone (Jafza), the leading business and logistics hub in the UAE, has entered into a strategic agreement with Etihad Export Credit Insurance Company (ECI), the UAE’s Federal export credit company, to support local businesses, advance exports, and drive the UAE economy during the current economic climate. The Memorandum of Understanding (MoU) was signed virtually by Mohammed Al Muallem, CEO & Managing Director,…

Berkshire Hathaway Specialty Insurance Names Property Leadership in Middle East & Asia

Kapil Palathinkal and Carlos Beltran Promoted to New Roles BOSTON & DUBAI & SINGAPORE–(BUSINESS WIRE/AETOSWire)– Berkshire Hathaway Specialty Insurance (BHSI) today announced that it has appointed Kapil Palathinkal as Head of First Party Lines, Middle East, and Carlos Beltran as Head of First Party Lines, Asia, overseeing General Property, Energy and Construction. “We are pleased to round out our regional property leadership with the promotions of Kapil and Carlos, two experienced leaders who will further build on their valuable contributions to BHSI and our customers,” said Marc Breuil, Head of…

Abu Dhabi Securities Exchange (ADX)

Mechanism to be actioned by the beginning of July in line with the Securities and Commodities Authority (SCA) mechanism for companies suspended from trading Abu Dhabi, 30 June 2020: The Abu Dhabi Securities Exchange (ADX) is currently executing the decision taken by the “Securities and Commodities Authority” (SCA) regarding the return of companies suspended from trading from 5 July through the creation of a separate screen. The SCA approved the mechanism of dealing with joint-stock companies suspended from trading as of the beginning of July. Under the decision approved by…

Etihad Credit Insurance to support the global exports of UAE steel manufacturer Conares

Dubai, UAE, January 22, 2020: Etihad Credit Insurance (ECI), the UAE Federal Credit Insurance Company, continues to provide support to UAE manufacturers to expand their export business. Conares is a regional major private manufacturer in the UAE; annually producing 1 million tons of steel products – steel pipes, rebars and pre-painted coils. ECI will be protecting Conares’ export volume by offering them international trade credit coverage solutions and ease the steel manufacturer to open new markets. The business in scope under this agreement includes exports of manufacturing and trading of…

AM Best Upgrades IGI Ratings to A

HAMILTON, Bermuda–(BUSINESS WIRE/AETOSWire) – Rating agency AM Best has upgraded the financial strength and credit rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” from “a-” of International General Insurance Co Ltd., (IGICL) (Bermuda) and International General Insurance Company (UK) Limited (IGIUK) (United Kingdom). The outlook of these Credit Ratings is stable. AM Best said that the rating upgrade reflected IGI’s balance sheet strength, which AM Best categorises as “very strong”, as well as citing its strong operating performance, limited business profile…