Organisers of Dubai’s major meeting of the Million Dollar Round Table (MDRT) – the premier association of financial professionals – have hailed the event as a great success, with over 600 financial professionals attending, including senior executives from Kuwait, Bahrain Saudi Arabia, Lebanon, Qatar and North Africa.
The turnout demonstrates the strong growth of the region’s financial sector in recent years, as well as the increasing sophistication of the professional services on offer, according to industry experts.
Working with the Emirates Insurance Association enabled the organisers to bring together a wide cross-section of representatives from the region’s financial services industry, contributing significantly to the impact of the discussions.
Supported by Zurich International Life (Zurich) and Nexus, the region’s leading financial advisor, the MDRT drew professionals from a number of major banks, finance houses and insurance groups.
A presentation from Fareed Lufti, Director General, Emirates Insurance Association, also provided strong insight into the development of the sector within the region.
One of the hot topics under discussion was asset management within the Middle East, a major trend as more investors look to secure their funds locally.
Just as many Arab companies are increasingly directing corporate investment within the Middle East – rather than flowing overseas to the US and Europe – a higher number of investors are looking for personal investment opportunities closer to home. Figures from the World Bank suggest that more than USD300 billion has been reinvested by regional investors from overseas markets since 9/11.
According to authoritative research from global group Swiss Re, the value of personal insurance in the GCC region alone will grow by USD 2 billion by 2010. Currently, the industry is worth an estimated USD 5.1 billion, with growth expected to reach USD 7.1 billion in four years' time.
Bashar Khatib, sales director of Nexus, comments: “The organisers of the MDRT and the Emirates Insurance Association both deserve congratulations for the success of the event, and for the contribution it will make to the development of the regional industry.”
“This market is becoming increasingly sophisticated, with investors seeking out opportunities to develop their funds and secure their assets, and expecting a world-class level of support from their advisors and suppliers,” he added.
“The MDRT provides an important opportunity to enhance the discussion surrounding the current state of the region’s financial services sector, in addition to enabling us to further develop the standard of products and services available to customers.”
Executives at the MDRT are confident that Middle East membership will continue to rise in 2007. The financial sector currently includes more than 600 financial institutions, with ongoing growth in the number of new entrants to the market.
Further MDRT events are planned for the coming year.
About the Million Dollar Round Table
Founded in 1927, Million Dollar Round Table (MDRT) provides its members with resources to improve their technical knowledge, sales and client service while maintaining a culture of high ethical standards.
