The emirate posted robust economic expansion across all sectors in 2013, and its resilience in the years following the global economic downturn has helped to re-build confidence among the global business community. Dubai has set itself the target of reaching 20m visitors per year by 2020 and the emirate received a major boost to this end when it won the right to host World Expo 2020 in November 2013.
In September 2013, the UAE’s federal insurance regulator called for consolidation in the industry, a move that was welcomed by the growing chorus of players that have warned that the market was becoming saturated over the past five years. Although the Insurance Authority (IA) placed a moratorium on new licences for insurers and brokers in 2009...
In 2012 UAE insurers underwrote Dh26.3bn ($7.2bn) in premiums, nearly half of the total gross written premiums (GWP) in the GCC region, making it the largest insurance market in the Gulf, followed by Saudi Arabia. Collectively, the two countries accounted for nearly 80% of the $16.3bn in GWP in the Gulf in 2012, according to a report on the...
After three years of low to modest growth, Dubai’s banking sector appears to have rebalanced itself following the 2009-11 economic crisis. Buoyed by rising asset quality throughout 2013, most of the eight national banks headquartered in Dubai have resolved legacy issues stemming from the collapse of the emirate’s property market, restructured...
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