Top 10 Middle East stories of 2017
By Tom Carnegie, 27 Dec 17
A new family tax in Saudi Arabia, Abu Dhabi’s biggest ever scam and the UAE pushing ahead with a major life industry overhaul were some of the most read stories by our Middle East audience in 2017. To see the others, click through the slides.
In August, the heads of two large advisory firms operating in the UAE said new capital requirements for licensed UAE insurance brokers will amount to a “cull” that could see the number of regulated firms drop by more than half.
David Howell, joint chief executive of Guardian Wealth Management, and Sam Instone, chief executive of AES International, both separately told International Adviser that the Insurance Authority’s new rules requiring licensed brokers to have AED3m capital paid into regulator accounts, plus, what lawyers believe will be another AED3m of working capital, will be too much for smaller firms to bear.
They will be forced to close, or merge with, or be acquired by, larger firms in the UAE, they said.
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