Oman hosts seminar on expanding insurance coverage in MENA
The seminar brings together leading figures in regulatory bodies, insurance companies, and industry experts from the Arab world and beyond. The seminar is a key platform for promoting regional cooperation, exchanging experience, and debating the emerging challenges and opportunities for the insurance sector amidst rapid economic and technological change.
The programme consists of a series of panel sessions and expert workshops, with priorities being strengthening regulatory frameworks to remain in line with international developments, broadening the actuarial function to foster financial stability, and examining opportunities for digital innovation to drive sectorial development.
Ahmed bin Ali al Maamari, FSA Vice President – Insurance, commented: "Legislators and regulators from the Middle East and North Africa (MENA) region met today with international organisations to discuss the region's most pressing challenges, including climate change, cyber security, and geopolitical tensions."
Al Maamari added: "The meeting aims to foster cooperation and develop pragmatic solutions, with a specific focus on the insurance sector's role in the management of emerging risks. Issues under consideration include the creation of new insurance products to support economic resilience and social stability, and fostering technology initiatives while inserting regulatory and societal safeguards.'
Ahmed bin Salim al Harassi, Director General of the Market Regulation and Development Unit stated, "This regional conference is being organized to address the key regulatory challenges facing authorities across the Middle East and North Africa, with a particular focus on the challenge of climate change and the increasing frequency of natural disasters in the Sultanate of Oman.".
The event also highlights the growing need for effective post-disaster financial response mechanisms, which renders the insurance sector a key industry in the provision of financial protection. The discussions also surround the digitalization of insurance services, both the potential and cyber security risk it brings," Al Harassi added.
"Regulators are also figuring out how to align domestic frameworks with international standards, balancing compliance with the need to foster innovation. As part of this, the uptake of risk-based supervision is being promoted — intensifying oversight where risks are great, while offering flexibility in less risky domains to foster growth and innovation," he concluded.
Siham Ramli, Director of International Relations and Communication at Morocco's Insurance and Social Welfare Supervisory Authority, said, "Previously perceived as a sheer financial support tool, the insurance sector has developed into a pillar of social protection and inclusive economic development. It is now leading in covering an extensive array of society's risks — environmental, health, digital, and economic," she said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
6 days ago
- Observer
An integrated destination for Khareef Dhofar Season
SALALAH: Tourism and entertainment projects are a vital support for Khareef Dhofar Season, monsoon season, as they provide comprehensive destinations that meet the needs of visitors, boost economic and commercial activity; and open up broader horizons for investment and the employment of national talent. These destinations are particularly important during the Khareef Dhofar Season, as they serve as attractions for visitors from within and outside the Sultanate of Oman. They offer a mix of cultural, recreational and commercial experiences while also encouraging entrepreneurship; and supporting small and medium-sized enterprises (SMEs), which positively impacts the local economy and the sustainability of tourism. Samharam Resort is one such destination for the 2025 Khareef Dhofar Season. It provides integrated facilities and services that combine shopping, dining; and cultural and recreational activities, attracting visitors of all ages. Mohammed bin Ahmed al Hadri, a site supervisor at Samharam Resort, said the resort hosts a consumer exhibition organised by Al Awail Company for the Management and Organisation of International Exhibitions and Festivals. The exhibition features 150 to 160 shops from various Arab and foreign countries, with diverse pavilions to meet visitor needs. Additionally, a handicrafts section includes about 28 shops for SMEs and low-income individuals, supervised by the SME Development Authority (Riyada). He added that the outdoor area includes a variety of restaurants, cafes and games for both children and adults. There is also a stage that hosts children's competitions and artistic performances. He noted that the "Rifle" section features cafes, many of which are managed by Omani youth and enjoys a wide turnout from visitors. Musallam bin Abdulsalam Al Rawas, owner of Sar Events Company, stated that this is the first year the "Rifle" event is being held at the resort, marking its third consecutive year during Khareef Dhofar Season. He explained that the event includes a large selection of restaurants, a family and youth entertainment area and a stage with Omani and Gulf performances, in addition to hosting talented artists from Oman and other GCC countries. He added that the event offers various competitions for all ages and annually employs young Omanis who are job seekers and freelancers. He noted that the number of employees this year exceeded 45 young people, with a public turnout that reflects the event's success as a recreational destination during the Khareef season. Regarding visitor impressions, Sufyan bin Ghassan al Rashdi from Al Dakhiliyah Governorate said Samharam Resort is an outstanding tourist destination for families and visitors. The variety of modern facilities and events creates a joyful atmosphere that enhances the pleasure of the visit. He emphasised the importance of increasing public facilities in the future to accommodate the large turnout. Ahmed bin Ali al Saadi from Musandam Governorate explained that his recent visit to Khareef Dhofar Season introduced him to the notable development in tourist and recreational events, with a diversity of programmes and integrated services that make the tourist experience more exceptional. Meanwhile, Mohammad al Sai'ari, a tourist from the Kingdom of Saudi Arabia, pointed out that the events and activities at Samharam Resort are a unique addition to Khareef Dhofar Season, combining entertainment and education. He expressed his admiration for the consumer exhibition, which features various local products such as incense and perfumes, along with offers that provide visitors with a pleasant shopping experience in an organised and attractive atmosphere.
Observer
11-08-2025
- Observer
New rules boost Omani capital market growth
MUSCAT: The introduction of the Promising Companies Market Regulations marks a significant step in the Financial Services Authority's (FSA) incentive programme to develop the capital market, in line with Oman Vision 2040's goals for economic diversification and a strong investment climate, said Ahmed bin Ali al Maamari, FSA Deputy CEO. The new rules offer a flexible regulatory framework enabling private, family-owned, emerging, and small and medium-sized enterprises (SMEs) to access alternative financing in a transparent environment. This opens diverse funding options for corporate growth and expansion. The incentive programme has three main pillars, including establishing the Promising Companies Market as a sub-market on the Muscat Stock Exchange. Combined with the new regulations, it offers easier access to finance and helps companies advance towards greater institutional maturity and sustainable growth. The regulations outline clear listing requirements, including annual growth targets, minimum shareholder numbers, and fixed fees, reducing entry barriers and improving corporate transformation. Al Maamari urged eligible private firms to explore these opportunities. Haitham bin Salem al Salmi, CEO of the Muscat Stock Exchange, said the new market is a structural milestone, providing a specialised financing channel for SMEs, family businesses, and private firms. It follows phased regulatory controls, enabling a smooth transition to the main market. He added that the exchange will provide an integrated trading environment with advanced infrastructure, flexible disclosure models, and governance standards tailored to growth-stage companies, boosting investor confidence and market liquidity. The initiative supports the exchange's strategy to broaden the investor base, diversify investment tools, and raise institutional maturity, strengthening Oman's competitiveness and private sector development. — ONA
Muscat Daily
11-08-2025
- Muscat Daily
Promising Companies Market to boost SMEs, startup financing
Muscat – Senior officials from the Financial Services Authority (FSA) and the Muscat Stock Exchange (MSX) have hailed the issuance of the Promising Companies Market regulations as a milestone in Oman's capital market development, saying the new sub-market at the Muscat Stock Exchange will expand funding opportunities for start-ups, SMEs and family-owned businesses, and advance the goals of Oman Vision 2040. Ahmed Ali al Maamari, Executive Vice-President of the Financial Services Authority (FSA), affirmed that the issuance of the Promising Companies Market regulations marks a major step forward in the Capital Market Incentive Programme. This initiative, he said, aligns with the objectives of Oman Vision 2040 to advance economic diversification and foster a more attractive investment climate. On Sunday, the FSA – the regulator of Oman's capital market and insurance sector – issued a decision to promulgate the Regulation for the Promising Companies Market. This follows Royal Decree No 18/2025, which established a secondary market within the Muscat Stock Exchange (MSX) under the name Promising Companies Market. The decision is in line with Royal Directives to launch the Capital Market Incentive Programme. In his statement to Oman News Agency, Maamari explained that the new regulations create a flexible framework enabling private, family-owned, start-up and SME companies to access alternative funding tools within a transparent and agile investment environment. This will generate diverse financing opportunities in the domestic market to support business growth and expansion. He noted that the Capital Market Incentive Programme comprises three main tracks, one of which is the establishment of the Promising Companies Market as a sub-market of the Muscat Stock Exchange. Together with the regulations, this new market will offer more flexible financing options, helping companies reach higher levels of institutional maturity and achieve sustainable expansion. The regulations set out clear and simplified listing requirements for early-stage companies, including specified annual growth rates, a minimum number of shareholders, and fixed, publicly disclosed fees. This approach aims to lower market entry barriers and enhance the efficiency of institutional transformation for these businesses. Maamari urged private sector companies meeting the listing criteria to explore the funding and listing opportunities available through the new market. Haitham Salem al Salmi, CEO of the Muscat Stock Exchange, said the creation of the Promising Companies Market represents a significant structural advancement in Oman's capital market ecosystem. 'It offers a dedicated funding channel for start-ups, SMEs and family-owned private firms through a phased regulatory process, enabling them to transition efficiently and sustainably to the main market'. Salmi added that the Muscat Stock Exchange, as market operator, will provide a comprehensive trading environment supported by advanced technological infrastructure and flexible disclosure models suited to the growth stage of these companies. 'The exchange will also implement governance standards tailored to this segment, bolstering confidence among qualified investors and stimulating market liquidity,' Salmi added. He emphasised that this initiative supports the exchange's strategy to broaden the investor base and diversify investment tools and products. This will enhance companies' access to capital, strengthen institutional maturity, and ultimately boost the national economy's competitiveness while advancing Oman Vision 2040 goals for private sector growth and attracting quality investment.
