Qatar insurance company abandons UAE

Qatar General Insurance and Reinsurance Company (QGI) has begun the process of departing from the Emirati insurance market.

The company, listed in the Doha Securities Market (DSM), issued a statement yesterday saying it decided to “exit the insurance market in the emirate of Dubai in the UAE.”

“We will prepare and implement a plan to exit the Dubai market, after coordination and obtaining the approval of the concerned regulatory authorities.”

QGI was established in 1979 and operates across the Middle East and North Africa (MENA) region via seven branches across Qatar and one branch in Dubai.

The company’s capital is about $240.3 million, distributed over 87.5 million shares.

The Gulf was hit by a crisis that began on 5 June after Saudi Arabia, the United Arab Emirates, Egypt and Bahrain severed ties with Qatar on claims it supports terrorism. Doha strongly denies the accusation.

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