Middle East Economic Survey

VOL. XLVII

No 45

8-November-2004

UAE

CAPITAL MARKETS

UAE Reopens Insurance Sector To Foreign Firms

The UAE decided on 26 October to reopen the insurance sector to foreign firms after an 18-year freeze. The UAE, which now has 47 insurance companies, stopped issuing licenses to new foreign firms in 1986 due to market saturation. Assistant Undersecretary at the Ministry of Economy and Commerce, Saif bin Sabt, said that the new companies would operate in accordance with new...