The long-awaited introduction of compulsory medical insurance in Dubai took effect in September 2014, through the first stages of a phased implementation that will bring universal health coverage to all the emirate’s residents by 2016. The plan, which was approved by the government in late 2013, is expected to create new opportunities for insurers, though price...
In the UAE, insurance is licensed by the federal regulator for operators in all seven emirates, the Insurance Authority (IA). The sector is highly competitive, with 60 companies angling for business, according to the IA’s 2013 annual report, in a market where insurance has not yet gained popular acceptance as an essential financial service. Owing to a low penetration...
Dubai is growing as a financial centre that attracts investment and expertise from all points. Its Islamic banks are central to this economic narrative, as is the emirate’s participation in the international market for sukuks, a sharia-compliant alternative to bonds. Islamic finance has become a highly competitive market in Dubai and the emirate is angling to become a...
The year 2014 was an important one for the development of sukuk in Dubai, thanks to a series of sovereign sales from non-Muslim countries that have diversified sources, as well as proved the presence of global interest in this relatively young financial instrument. Sukuk are at the core of Dubai's economic strategy, both as a method of raising capital and as a centre for...
After almost five years without any initial public offerings (IPOs) on either of Dubai’s two equities bourses, 2014 saw a change – first the drought ended, in March, and then activity scaled up with two new stocks added in an eight-day span in September and October. The outlook for offerings is bright, thanks to a combination of the Dubai government’s commitment to...
Equities are lightly traded across the region, and initial public offerings (IPOs) have been few and far between. In Dubai, however, a capital markets culture that has relied on private wealth and bank debt seems ripe for change. The emirate has four regulated trading platforms, and plans to encourage more activity on them are under way. In 2014 the first equity capital...
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