Oman to set up first reinsurance company

Muscat: Oman's Capital Market Authority (CMA) has approved the establishment of the first Omani re-insurance company in the country with a capital of 30 million Omani riyals, according to Murtadha Bin Mohammad Jawad Al Jamalani, promoter and project manager.

Al Jamalani added that besides the Oman Chamber of Commerce and Industry, private and public companies operating in the fields of banking, insurance and investment services will contribute to the establishment of the new company.

The new company will be listed on the Muscat Securities Market within five years from starting its operation, he added.

The establishment of the first re-insurance company is expected to contribute in the retaining of premiums in the country's economy, which in turn leads to increased GDP, more yields and more liquidity to finance the investments in the region in general and in the country in particular.