The high levels of reinsurance activity in the Dubai market follow a regional pattern which saw GCC insurers cede an aggregate 46% of their non-life premium income in 2011, according to the Qatar Financial Centre’s (QFC) “GCC Reinsurance Barometer”. While some of this business is directed towards local firms, the majority is placed with foreign...
The sukuk (Islamic bond) market in Dubai saw some spectacular surges in 2012, with yields diving on high demand. This has echoed global trends that have thrust sukuks more into the international investment spotlight in recent times, with the global market hitting $20.5bn of issuance in the first half of 2012, up 36.7% on June 2011, according...
How has the banking industry strengthened its position since the onset of the financial crisis?
Adnan Chilwan: The financial downturn adversely affected the entire global financial industry. However, thanks to the decisive action taken by the UAE government in 2008, the country’s financial services sector is in a very strong...
With Dubai containing some of the world’s youngest stock exchanges, born in just the first few years of this century, the emirate’s capital markets have lived long in a very short time. After experiencing unprecedented growth in their first years, these markets were then faced with a major global crisis in 2008-09. This saw indexes plummet and...
A major part of the banking sector within the UAE, Dubai is also a key player in the wider MENA region. In the first quarter of 2012, Dubai-based Emirates NBD (ENBD) was not only the largest bank by assets in the UAE, but number three in the GCC, after Qatar National Bank and Saudi Arabia’s National Commercial Bank. ENBD shares the Dubai banking...
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