DIFC Director General addresses Inaugural meeting of Insurance Industry BoPress Release 30 Mar 2005 12:01 pm
- Dr Omar Bin Sulaiman appointed Honourary Chairman of the Insurance Business Group
- Dr Omar gives Keynote speech at first Insurance Business Group business lunch.
Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre (DIFC), gave the opening, keynote address of the first ‘Business Lunch’ of the recently formed Insurance Business Group on March 29 th. The Insurance Business Group (IBG) is fully embraced by the Dubai Chamber of Commerce and Industry and is the 17 th such group to come under its stewardship.
Dr Omar addressed the gathering of senior executives from the UAE’s leading insurance businesses as the newly appointed Honourary Chairman of the Insurance Business Group .
“The insurance and reinsurance industries will do so much to drive the economic well being of the Middle East .” Said Dr Omar.
“The sector, whilst relatively small at present, and in its infancy, has unprecedented propensity to grow into a multi billion dollar sector. Of course this potential is increased by both the development of an obvious hub at the DIFC and also by initiatives such as the Insurance Business Group.”
“I am thrilled to have represented DIFC at the first IBG Business Lunch, and I am confident that together we can see the development of a regional industry with a potential premium pool of some $80 billion.”
In his presentation, Dr Omar outlined where he sees the potential for the UAE’s Insurance industry to develop and how the implementation of the IBG’s articles of association, are in harmony with the DIFC’s position as a hub for the burgeoning sector. He also discussed how the Insurance Business Groupstated aims echo those of the DIFC in terms of regulation and governance.
“If there is one common objective of the DIFC and the IBG, it is in ensuring that ethical standards and international levels of corporate governance are applied. I am proud to say that each organisation shares a goal in ensuring that the regional insurance industry can stand up to the most rigourous scrutiny and can compete with the global industry in terms of transparency, governance and standards.
At this inaugural Business lunch I wish to welcome all members, thank them for their involvement thus far and offer them the enduring support of the Dubai International Financial Centre. Together we will develop the regional insurance industry to fulfil its undeniable potential.”