2004
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UAE insurance up 10-25pc
UAE insurance premiums have risen by 10-25 per cent for 2004, reported Gulf News. The hike in rates is uniform and a direct fallout from the tough terms of recent years, said officials. This should bode well for insurance profits in 2004 which have suffered a collapse in recent years.
Alba, Alcoa talks this month
Officials frm Alcoa will visit Bahrain later this month to discuss its agreement to acquire a 26 per cent stake by mid-2004. This foreign investment in Bahrain by the world's leading aluminum producer is likely to be worth around USD600m, officials told Gulf News.
USD4bn Iraq work on hold
The US will delay some USD4bn in Iraqi reconstruction work until a new interim government is in place, reported Reuters. The decision from the White House cuts the amount of work to be handled by the Pentagon-controlled reconstruction office in Baghdad.
USD50m Oman Pharmaceutical plant
Oman Pharmaceutical Products is to open a USD50m production facility in Salalah on Saturday. The plant will have an output of 900m tablets, 300m capsules and 12m bottles of liquid medicine. The GCC pharmaceuticals sector is expected to grow strongly in the next few years with population growth.
Two firms listed on UAE bourse
The Union Insurance Company and Ras Al Khaimah Cement have been listed by the UAE Stocks and Commodities Authority. The USCA has given all public stock holding companies a deadline to register in 2004. This move is expected to result in the listing of more companies on the UAE bourse.
Dollar lower, gold higher
The US dollar closed 2003 with a record low of USD1.26 against the euro. Gold, on the other hand, stood at an eight-year high of USD417. Weaker figures for consumer sentiment, business activity and home sales in the US this week sent the dollar lower and gold higher.
UAE insurance, Thursday weekend
From February 1 the UAE insurance sector is adopting a two-day weekend, but on Thursday and Friday, completely out of phase with the global insurance industry. The move is designed to attract more UAE nationals to the insurance sector, and working hours will be set from 7.30am to 3.30pm.
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