ID :
168144
Mon, 03/14/2011 - 21:40
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Shortlink :
https://oananews.org//node/168144
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Insurance Industry to Boom in Gulf Countries
Doha , March 14 (QNA) - HE Minister of Economy and Finance Youssef Hussein Kamal said that he expects the insurance sector to blossom in the Gulf in the coming years.
Speaking at the opening ceremony of the fifth edition of MultQa Qatar, The minister said that there are three main reasons that will drive growth in that sector, "The state of the region's economy on the back of the current global economic climate," he said. He also added the low levels of penetration of the sector in the region's economy as well as the great amount of infra-structure projects to the list.
The minister said the gulf countries' improved economy was a result of using their wealth to diversify their economy and invest in important sectors such as education, "Gulf countries...are now of the strongest 20 economies in the world due to their high growth rates". Qatar's GDP growth is set to reach 18% in 2011 according to the minister, this will take their growth ahead of China which records a GDP growth of 9%. These factors made Gulf countries a desirable destination for investors during a turbulent global economic climate.
The minister adds that the low penetration of premiums in the Gulf compared to the world is another opportunity for the region. The penetration of premium in the Gulf countries is 1.9% compared to 7% globally according to the minister, "this reflects great potential for growth in the region," he said.
Another reason for the potential growth for insurance in the reason is the great infra-structure projects that the countries will embark on in the coming years, particularly after Qatar one the right to host World Cup 2022. some $75 billion were spent by Qatar alone on infra-structure projects in between 2004 and 2010 with $20 billion coming in 2008 alone according to the minister. the minister added that "In January of this year, there are $85 billion worth of projects that are taking place in the country with $130 billion worth of projects set to be executed in the next 3 years".
The Minister said that he believes that Gulf countries will keep the momentum of economic growth in the future due to the solid foundation available to the countries of the region.
The Minister said that he believes that Gulf countries will keep the momentum of economic growth in the future due to the solid foundation available to the countries of the region.
HE the minister of Economy and Finance expressed pride in the victory of the State of Qatar to host the 2022 World Cup football championhsip , which will be the first ever tournament to be held in the Middle East and Arab countries, emphasizing however that it requires huge investments in infrastructure and facilities to host this tournament.
Even prior to winning the right to host the world Cup 2022 Tournament, MEED has estimated the total package of the current and planned projects set for the said tournament to surpass 1.6 trillion us dollars between 2010 and 2013.
The opportunities emerging in Qatar to 2022 are highlighted in a timely and comprehensive new report published this month by MEED (Middle East Business Intelligence) . The Qatar Projects Report 2011-22, written by MEED Events Chairman Edmund O'Sullivan, comprises an abundance of data and analysis that will assist all those seeking to capitalise on the extraordinary programme of capital investment in Qatar in the years to 2022 when the country will host the FIFA World Cup Finals.
The Qatar Projects Report 2011-22 details the programme of major projects that will be implemented in every major sector of the Qatar economy including oil and gas; heavy industry; electricity generation and water desalination; water and water reuse; social infrastructure and roads, ports, airports and railways.
The report also provides the latest information about the 2022 World Cup investment programme which calls for the modernisation and construction of a total of 12 football stadiums and the construction of sufficient accommodation to serve 500,000 football fans expected to the attend the tournament.
"Qatar is a market that every business on earth is now focussing on because of the publicity associated with FIFA's decision in December to hold the 2022 World Cup in the country," says Edmund O'Sullivan. "The new report will help businesses understand the scale of the opportunities in the next 11 years and when they will emerge. It is the definitive guide to the major project agenda in the world's fastest-growing economy."
The report says key opportunity areas lie in Qatar's transport sector. "About $20,000 million is going to be spent on Qatar's road network alone." "The projected cost of Qatar's passenger, cargo and light rail programme alone is estimated at $35,000 million. In addition, Qatar is building a brand new container port at Mesaieed and is completing work on the New Doha International Airport which will be the principal gateway for the Qatar 2022 World Cup Finals."
The Qatar Projects Report 2011-22 also contains fresh information about the long-term plans designed to deliver the Qatar Vision 2030, a blueprint for Qatar to become one of the Middle East's most advanced economies.
"The investment required to deliver the vision will be enormous and is likely to be at least $100,000 million," says O'Sullivan. "This will make Qatar on a per capita basis the world's largest projects market for 20 years."
Speaking at the opening ceremony of the fifth edition of MultQa Qatar, The minister said that there are three main reasons that will drive growth in that sector, "The state of the region's economy on the back of the current global economic climate," he said. He also added the low levels of penetration of the sector in the region's economy as well as the great amount of infra-structure projects to the list.
The minister said the gulf countries' improved economy was a result of using their wealth to diversify their economy and invest in important sectors such as education, "Gulf countries...are now of the strongest 20 economies in the world due to their high growth rates". Qatar's GDP growth is set to reach 18% in 2011 according to the minister, this will take their growth ahead of China which records a GDP growth of 9%. These factors made Gulf countries a desirable destination for investors during a turbulent global economic climate.
The minister adds that the low penetration of premiums in the Gulf compared to the world is another opportunity for the region. The penetration of premium in the Gulf countries is 1.9% compared to 7% globally according to the minister, "this reflects great potential for growth in the region," he said.
Another reason for the potential growth for insurance in the reason is the great infra-structure projects that the countries will embark on in the coming years, particularly after Qatar one the right to host World Cup 2022. some $75 billion were spent by Qatar alone on infra-structure projects in between 2004 and 2010 with $20 billion coming in 2008 alone according to the minister. the minister added that "In January of this year, there are $85 billion worth of projects that are taking place in the country with $130 billion worth of projects set to be executed in the next 3 years".
The Minister said that he believes that Gulf countries will keep the momentum of economic growth in the future due to the solid foundation available to the countries of the region.
The Minister said that he believes that Gulf countries will keep the momentum of economic growth in the future due to the solid foundation available to the countries of the region.
HE the minister of Economy and Finance expressed pride in the victory of the State of Qatar to host the 2022 World Cup football championhsip , which will be the first ever tournament to be held in the Middle East and Arab countries, emphasizing however that it requires huge investments in infrastructure and facilities to host this tournament.
Even prior to winning the right to host the world Cup 2022 Tournament, MEED has estimated the total package of the current and planned projects set for the said tournament to surpass 1.6 trillion us dollars between 2010 and 2013.
The opportunities emerging in Qatar to 2022 are highlighted in a timely and comprehensive new report published this month by MEED (Middle East Business Intelligence) . The Qatar Projects Report 2011-22, written by MEED Events Chairman Edmund O'Sullivan, comprises an abundance of data and analysis that will assist all those seeking to capitalise on the extraordinary programme of capital investment in Qatar in the years to 2022 when the country will host the FIFA World Cup Finals.
The Qatar Projects Report 2011-22 details the programme of major projects that will be implemented in every major sector of the Qatar economy including oil and gas; heavy industry; electricity generation and water desalination; water and water reuse; social infrastructure and roads, ports, airports and railways.
The report also provides the latest information about the 2022 World Cup investment programme which calls for the modernisation and construction of a total of 12 football stadiums and the construction of sufficient accommodation to serve 500,000 football fans expected to the attend the tournament.
"Qatar is a market that every business on earth is now focussing on because of the publicity associated with FIFA's decision in December to hold the 2022 World Cup in the country," says Edmund O'Sullivan. "The new report will help businesses understand the scale of the opportunities in the next 11 years and when they will emerge. It is the definitive guide to the major project agenda in the world's fastest-growing economy."
The report says key opportunity areas lie in Qatar's transport sector. "About $20,000 million is going to be spent on Qatar's road network alone." "The projected cost of Qatar's passenger, cargo and light rail programme alone is estimated at $35,000 million. In addition, Qatar is building a brand new container port at Mesaieed and is completing work on the New Doha International Airport which will be the principal gateway for the Qatar 2022 World Cup Finals."
The Qatar Projects Report 2011-22 also contains fresh information about the long-term plans designed to deliver the Qatar Vision 2030, a blueprint for Qatar to become one of the Middle East's most advanced economies.
"The investment required to deliver the vision will be enormous and is likely to be at least $100,000 million," says O'Sullivan. "This will make Qatar on a per capita basis the world's largest projects market for 20 years."
