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.