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Oman Insurance Company announce 40pc Cash Dividend, 10pc Bonus Share

Middle East : 24 February

Oman Insurance Company declared 40 per cent cash dividend and 10 per cent bonus share on Tuesday after the company reported net profits of Dh189 million for the financial year ended on 31st December 2009.

The firm, one of the leading UAE insurance companies, said at its annual general meeting that net profits from technical operations was Dh317 million, an increase of 44 per cent compared to Dh20 million in 2008.

Growth was particularly strong in technical operations, which is income accrued from underwriting operations, in 2009. Additionally, the company also achieved an increase of 9.5 per cent in its total gross written premiums, reaching Dh2.34 billion as compared to Dh2.14 billion in 2008. Matar Humaid Al Tayer, Chairman of Oman Insurance Company, said the robust overall performance in 2009 mirrored the company’s growing market share across different sectors and high customer loyalty in the region.

The general body meeting approved the Board of Directors’ recommendation of distributing 40 per cent cash dividend and 10 per cent bonus share.

Al Tayer said that through last year, they have been able to profitably maintain and strengthen their leadership status within a highly competitive market, in an extremely unfavorable economic climate. This has been made possible only because Oman Insurance Company had always been professionally prepared to face challenges and had proactively tried to turn difficulties into growth opportunities.

He also stated that it was significant to note that Oman Insurance Company (OIC) had always given the utmost priority to their customers. Regardless of external factors, they have constantly and carefully improved the quality of products and services offered to their clients. With this character, they look forward to expand across the Gulf and broadening their horizons, while positively contributing to the economic recovery and growth of the region.

Abdul Muttalib Mustafa Al Jaidi, Chief Executive Officer, Oman Insurance Company said that the results achieved strengthen the company’s status as the undisputed leader in the UAE insurance market. The high levels of growth and profitability accomplished in these challenging circumstances for business confirm our solid basics and extraordinary growth strategy. Our financial performance and accomplishments are attributed to our devoted and experienced team who are constantly outdoing themselves.

He told that Oman Insurance Company will carry on to strongly support its clients and customers, and help them in their growth in spite of the fact that the regional economy is still recovering from the consequences of the economic downfall faced last year.

Andrew Reid, Staff Writer, Gulf Jobs Market News
24 February

Dubai Direct Export Rises

The amount of the exported goods through Dubai was AED 52.4 billion in 2009 as compared to AED 42.6 billion in 2008.
The rate of growth over the past five years reached 47%.
Dubai’s non-oil direct exports increased to an average rate of 23% in 2009 compared to 2008.
Ahmed Butti Ahmed, Executive Chairman of Ports, Customs and [...]

23 February

2010, A Difficult Year Predicted For Gulf banks: Standard and Poors

The ratings agency Standard and Poor’s said on Tuesday that banks in the energy-rich Gulf region will face another difficult year in 2010 as they carry on to clean up their loan books, affecting performance.
The agency said that the global economic deceleration and monetary crisis have put the banking sector in Arab states of the [...]

23 February

Daman Eyes GCC Rebound with Fund of 200 Million Dhiram

Daman Investments, a Dubai-based asset management firm, announced in Dubai on Monday to introduce a Dh200 million fund that relies on the recovery in GCC markets.
The investment will be in top ranking equities listed on the local bourses as well as commodities and debt products. The fund, Daman Fifth Fund, aims 25 per cent internal [...]

23 February

Gulf Recovery Expected to Increase Pace this Year Due to High Spending

Economic recovery in the Gulf may not be as fast as for other developing economies; however it would gain impetus this year with high oil prices, improvement in banks’ balance sheets, and ongoing high levels of government spending. Economists said yesterday.
Simon Williams, HSBC chief economist said that banks are not yet lending however, they are [...]

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