Qatar Insurance Company (QIC)is planning to open an office in the Eastern Province of Saudi Arabia as part of a regional diversification programme, assistant general manager Sunil Talwar said on 17 June in an interview in Doha. The move follows the successful opening of an office in Abu Dhabi at the end of 2001.
Talwar said that QIC is close to selecting a Saudi Arabian insurance agency to work with in the kingdom. It is also seeking a chief executive for its Saudi operation. QIC plans to focus on energy projects emulating the pattern being followed in Abu Dhabi.
Other QIC plans include setting up Man Qatar, a joint venture with EDF Man, the international investment company. Final official approval of the joint venture is pending.
QIC, which accounts for just over 50 per cent of all the premium income generated by the Qatari insurance market, reported a 7 per cent rise in net income to QR 70.3 million ($19.3 million) in 2001 reflecting a positive performance in both its insurance and investment accounts. Talwar said that he expected QIC to report a new record profit level in 2002.
You might also like...
Aramco allows more time for MGS package revised prices
18 April 2024
Morocco tenders high-speed rail project
18 April 2024
Egypt resumes power cuts
18 April 2024
Petrofac awards carbon capture sub-contract
18 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
