UAE widens overseas ownership of local insurance firms
The United Arab Emirates has doubled the ownership cap on foreign control of local insurers to 49% from 25% in a bid to boost the gulf states' insurance industry. Ibrahim Obaid Al Zaabi, director general of the Insurance Authority in the UAE, said the move would allow local firms to forge alliances with established overseas firms. Al Zaabi also predicted the emirates' insurance market will grow at least 12% this year to AED45bn ($12bn) in premiums. 

The UAE Cabinet has decided to increase the ceiling on the stake held by foreign investors in a locally incorporated insurance company from 25% to 49%, Mr Ibrahim Obaid Al Zaabi, Director General of the Insurance Authority (IA) has announced.