14 May 2012
(MENAFN) Investment Corporation of Dubai (ICD) is set to form a joint business with Samsung Life Insurance, which aims at extending its footprint throughout the emerging markets, Financial Times reported.
ICD, which oversees the emirate’s corporate assets, seeks to reinforcing Dubai’s efforts to become the main portal for Asian companies seeking to move into the Middle East.
Both parties may consider extending business to include other non-life insurance products and other sectors, such as property.
Insurance premiums in the Gulf states are projected to grow at 20 per cent a year through to 2015 on high gross domestic product growth, according to a report by Alpen Capital.
Life insurance is growing at a faster rate than non-life insurance products, such as car and health, but from a lower base as it accounts for about 15 per cent of regional insurance premiums.
ICD is looking for growth, after four years backing the restructuring of indebted Dubai government-related entities, as the emirate’s USD110 billion debt burden eases.
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
05 Nov 2024
As part of its digital transformation journey, BBK adds Google Wallet to its range of digital wallets
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more