In 2012 Abu Dhabi’s insurance sector posted continued growth on the back of increased spending from consumers, corporations and the government. The UAE market overall remains underpenetrated, though total premiums as a percentage of GDP did see a slight increase from 1.9% in 2011 to 2% in 2012. GDP growth and planned government spending on large-scale infrastructure projects will increase the...
UAE: Abu Dhabi Financial Services
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Chapter | Islamic Financial Services from The Report: Abu Dhabi 2014
Home to some of the UAE’s most prominent Islamic banks and takaful operators, Abu Dhabi has long been a regional centre for Islamic financial services. Global Islamic banking assets are forecast to surpass the $2trn mark by the end of 2014, and Abu Dhabi’s sharia-compliant financers are well positioned to capitalise on this expansion, although a competitive market and the lingering effects of the...
Chapter | Capital Markets from The Report: Abu Dhabi 2014
In 2012 the GDP of Abu Dhabi expanded by 5.6% y-o-y, and the government has forecast annual expansion of 5.7% in the 2013-16 period. With a sustained return to positive territory for its main index and a crucial upgrade to “emerging market” status by Morgan Stanley Capital International (MSCI), Abu Dhabi’s exchange has had a good year. Both developments have generated new optimism regarding the...
The UAE’s banking sector has continued to grow in both depth and complexity to become the largest in the region, accounting for 31% of the total volume of the GCC banking sector and about 20% of the gross volume of the Arab banking sector at the close of 2012. The sector’s profitable trend continued into the first half of 2013: aggregate net profit for the period ending June 30, 2013 reached $2....
While hydrocarbons continue to make up the lion’s share of the emirate’s GDP, oil revenues are supporting long-term efforts to diversify the economy. Oil and gas accounts for about 52% of real GDP, down on previous years, followed by construction, manufacturing and real estate. High-quality transport infrastructure, meanwhile, is boosting trade activity and free zones in Abu Dhabi.
Local insurers in Abu Dhabi have weathered a turbulent two years, during which they have been compelled to make the transition from an era of rapid economic expansion to one of more muted growth. Yet the sector has met the challenge of declining investment income while continuing to show healthy profit – a clear indication of the air of optimism that currently prevails within the emirate’s...