UAE and Singapore sign insurance MoU

02 I 04 I 2014
The UAE’s Insurance Authority and the Asia Competitiveness Institute (ACI) in Singapore have reportedly signed a Memorandum of Understanding (MoU) to boost cooperation between the two insurance markets.
Under the MoU, the parties agreed on cooperation and joint work to develop the required policies and strategies that are aimed at increasing the insurance industry’s overall share of GDP in the UAE over the next five years, Gulf News reported.
It is also said they will make efforts to identify areas of insurance activities and suggest measures to overcome obstacles and barriers.
The MoU was reportedly signed by Ebrahim Obaid Al Zaabi, director-general of the Insurance Authority, and Tan Khee Giap, ACI co-director, at ACI’s headquarters in Singapore.
Source: MENA Insurance Review