UAE Insurance Sector Profits Surge to AED 2.5 Billion in 2023

The Central Bank of the UAE (CBUAE) has reported significant growth in the country’s insurance sector, with total profits reaching AED 2.5 billion in 2023, a marked increase from AED 1.96 billion in 2022. This growth is attributed primarily to a rise in net investment income across the industry.

According to the CBUAE’s Annual Statistical Report for the Insurance Sector of the UAE 2023, the total number of insurance policies issued soared to 14.6 million, up from 8.4 million the previous year. This remarkable rise was largely driven by an increase in property and liability insurance policies, particularly in the realm of Involuntary Loss of Employment Insurances.

Regional Breakdown of Insurance Policies

Dubai continues to dominate the insurance market, accounting for 59.9% of total policies written in the UAE. Other emirates contributed as follows: Abu Dhabi with 21%, Ras Al Khaimah at 6.6%, Sharjah with 4.58%, Fujairah at 1%, and Ajman at 0.5%. Additionally, policies written outside the UAE constituted approximately 6.4% of the total.

Premiums and Claims on the Rise

Gross written premiums also saw a year-on-year increase, totaling AED 50.4 billion in 2023, compared to AED 44.1 billion in 2022. Dubai’s share of these premiums was 61%, while Abu Dhabi contributed around 27.7%.

On the claims side, gross paid claims within the UAE rose to AED 30.3 billion, up from AED 26.5 billion in 2022. Dubai accounted for 60.7% of these claims, with Abu Dhabi responsible for 28.9%.

The data reflects a robust recovery and expansion within the UAE insurance market, indicating a strong demand for various insurance products across the region.

Emirates and Flydubai Cancel Flights Amid Regional Unrest

Emirates has announced the cancellation of all flights to and from Iraq (Basra and Baghdad), Iran (Tehran), and Jordan (Amman) on October 2 and 3. A statement on their website confirmed that customers transiting through Dubai with final destinations in these countries will not be accepted for travel at their point of origin until further notice.

In addition to the cancellations to Iraq, Iran, and Jordan, the airline has also cancelled several other flights on October 2, including:

  • EK 837/838: Dubai – Bahrain – Dubai
  • EK 855/856: Dubai – Kuwait – Dubai
  • EK 31/32: Dubai – London Heathrow – Dubai
  • EK 866/867: Dubai – Muscat – Dubai

Impacted customers are advised to contact their booking agents for alternative travel options or reach out to Emirates directly if they booked through the airline. Passengers arriving or departing from Dubai International Airport should also check their flight status on the Emirates website for the most current information.

Similarly, flydubai has faced disruptions due to the temporary closure of airspace on the evening of October 1. A spokesperson confirmed that flight FZ 143 to Amman International Airport (AMM) and FZ 157 to Ankara International Airport (ESB) returned to Dubai. Furthermore, flydubai flights to Jordan, Iraq, Israel, and Iran (excluding Bandar Abbas, Kish, and Lar) have been cancelled for October 2 and 3. Passengers connecting to these destinations will not be accepted for onward travel.

Flydubai continues to monitor the situation closely and adjust its flight schedule accordingly. Passengers are encouraged to check their flight status on the flydubai website for the latest updates.

Etihad Airways has also stated that it is re-routing several of its flights on Wednesday in response to the airspace restrictions in parts of the Middle East. Both Emirates and flydubai remain in contact with the relevant authorities to stay updated on developments in the region.

Kingdom Holding Resumes Construction on Jeddah Economic Company Tower: Aiming for World’s Tallest Skyscraper

Kingdom Holding Company, backed by billionaire Prince Alwaleed bin Talal, has announced the resumption of work on the Jeddah Economic Company Tower, which is set to reach an impressive height of 1,000 meters, making it the world’s tallest skyscraper upon completion. This significant announcement marks a pivotal moment for the project, which has faced numerous challenges since its inception over a decade ago.

The tower, originally named “Kingdom Tower,” is designed by renowned American architect Adrian Smith and aims to emulate the natural contours of a desert plant. The ambitious project will feature a Four Seasons hotel, luxury apartments, office spaces, and three distinct lobbies on the upper floors. Additionally, it will house the world’s highest observation deck on the 157th level, offering unparalleled views of the surrounding region.

After standing half-built for years due to funding constraints, Kingdom Holding has confirmed that construction will resume with a projected timeline of 42 months. Currently, 63 of the planned 157 floors have been completed. To facilitate this next phase of construction, Kingdom Holding’s associate firm, Jeddah Economic Co., has secured a 7.2 billion riyals ($1.9 billion) agreement with the Saudi Binladin Group. The remaining project costs will be covered through internal resources and banking facilities.

The architectural design of the tower is both innovative and functional. The structure is engineered to rise from three separate bases, each terminating at different heights. This unique design not only balances the building’s weight but also enhances its stability against wind forces. The tower is envisioned as the centerpiece of an expansive economic city that will include a diverse array of offices, residential spaces, retail outlets, and hospitality developments.

Significant infrastructure work for the first phase of this project, covering an area of 1.3 million square meters, has already been completed. This initial phase has established essential services, including electricity, water supply, sewage systems, flood drainage, and high-speed internet connectivity, laying the groundwork for the forthcoming developments.

Once completed, the Jeddah Economic Company Tower will join a select group of mega-tall skyscrapers—defined as buildings that stand 600 meters or taller. Currently, only four structures hold this title: the Burj Khalifa in Dubai, Merdeka 118 in Kuala Lumpur, Shanghai Tower, and the Makkah Royal Clock Tower in Mecca. The completion of the Jeddah tower will further elevate Saudi Arabia’s status in the global skyline, reflecting the country’s commitment to ambitious architectural and economic development.

 

From TikTok Sensation to Entrepreneur: Ayman Yaman’s Journey in Dubai

Ayman Yaman is carving out a significant niche for himself in the world of social media and entrepreneurship, leveraging the dynamic environment of Dubai to create content that resonates with audiences and inspires budding entrepreneurs. Ayman embodies the spirit of innovation and ambition that characterizes Dubai, showcasing the city’s potential as a launching pad for aspiring individuals looking to make their mark.

Early Beginnings and Rise to Fame

Ayman’s journey began with the power of social media, specifically TikTok, where he quickly gained traction through his viral series, “What Do You Do for a Living?” In this popular format, Ayman approached Dubai’s residents and entrepreneurs, asking them thought-provoking questions about their professions, successes, and the challenges they faced. This simple yet effective approach allowed Ayman to highlight the diverse stories within Dubai’s entrepreneurial landscape. By capturing authentic interactions and sharing them with his audience, he not only entertained but also educated viewers about the various career paths available in the city.

His engaging personality and ability to connect with people have contributed to his rapid rise on social media. As of now, Ayman has amassed over 1.6 million followers on TikTok, a testament to his relatable content and the genuine interest he shows in the lives of those he interviews. His series gained such immense popularity that he eventually had the opportunity to collaborate with notable figures like Conor McGregor and Dana White, further elevating his profile in the social media space. Each video serves as both an entertainment piece and an inspiration for viewers, demonstrating that success can come from various paths and backgrounds.

Founding Brand. Me and the Brand. Me Summit

In addition to his social media success, Ayman Yaman is the founder of Brand. Me, an innovative platform aimed at empowering individuals and businesses to build their personal and professional brands. Recognizing the power of personal branding in today’s digital landscape, Ayman established Brand. Me to help aspiring entrepreneurs navigate the complexities of branding, marketing, and self-promotion.

Brand. Me quickly gained traction, establishing itself as a go-to resource for individuals looking to enhance their visibility and impact in their respective fields. Ayman’s commitment to helping others succeed is evident in the platform’s content, which ranges from practical tips on social media strategies to in-depth workshops on branding fundamentals.

One of the hallmark events organized by Brand. Me is the Brand. Me Summit, a gathering that brings together some of Dubai’s most prominent entrepreneurs, innovators, and thought leaders. The summit serves as a platform for networking, collaboration, and knowledge-sharing, allowing participants to gain insights from industry experts and connect with like-minded individuals. The Brand. Me Summit has become a staple event in Dubai’s entrepreneurial calendar, showcasing the city’s vibrant startup ecosystem and fostering a sense of community among entrepreneurs.

Ayman’s vision for Brand. Me and the Brand. Me Summit goes beyond mere business; he aims to create an environment where aspiring entrepreneurs feel supported, inspired, and equipped to chase their dreams. By providing valuable resources and facilitating meaningful connections, Ayman is actively contributing to the growth of Dubai’s entrepreneurial landscape.

A Leap into Boxing

Recently, Ayman took a leap into the world of boxing, showcasing his determination and passion for pushing his limits. He dedicated himself to a rigorous training camp in preparation for his debut in the boxing ring. Ayman’s decision to take on this challenge highlights his commitment to personal growth and his belief in the importance of resilience and discipline.

His training regimen included early morning workouts, intense sparring sessions, and a strict nutritional plan designed to build his strength, endurance, and technique. Training alongside experienced coaches and fellow athletes helped him refine his skills and prepare for the physical and mental demands of boxing. This journey into the sport has not only strengthened his physical capabilities but also deepened his understanding of dedication and hard work, values that resonate throughout his content and entrepreneurial endeavors.

Current Endeavors and Future Plans

As of now, Ayman continues to build his influence across various platforms, expanding his reach beyond TikTok. He is actively exploring opportunities in content creation and entrepreneurship, seeking collaborations that align with his vision of inspiring others. Whether through social media campaigns, partnerships with brands, or involvement in community events, Ayman remains committed to fostering a culture of empowerment and innovation.

Looking ahead, Ayman envisions creating even more engaging content that not only entertains but also educates his audience. He plans to delve deeper into the stories of Dubai’s entrepreneurs, providing insights and practical advice that can help others navigate their journeys. By sharing his platform with diverse voices, Ayman aims to highlight the myriad possibilities available in the city and beyond.

Conclusion: A Voice for Young Entrepreneurs

In a world where social media has the power to shape narratives, Ayman Yaman stands out as a beacon of positivity and inspiration. His journey from a curious content creator to a respected figure in the entrepreneurial landscape of Dubai is a testament to the opportunities the city offers. Ayman’s work reflects the essence of Dubai—diverse, dynamic, and driven by innovation.

As he continues to grow his brand and influence, Ayman Yaman serves as a reminder that with passion, perseverance, and a supportive community, anyone can turn their dreams into reality. His story resonates not only with those in Dubai but with young entrepreneurs around the world who aspire to make their mark. Through his engaging content and community-focused approach, Ayman is undoubtedly paving the way for a new generation of dreamers and doers.

His venture into boxing and the creation of Brand. Me, along with the impactful Brand. Me Summit, only add further layers to his inspiring narrative, showing that he is not afraid to embrace new challenges and pursue excellence in all aspects of his life.