Latest news with #ElHout
Al Etihad
07-05-2025
- Business
- Al Etihad
UAE insurance sector set for 4.9% annual growth rate amid transformation
8 May 2025 00:05 SARA ALZAABI (ABU DHABI)The UAE's insurance market is undergoing a period of transformation, with new dynamics reshaping the market's priorities and growth areas, a top expert told El Hout, CEO of Marsh McLennan covering the UAE, Qatar, Oman, and Egypt, said the market's growth is being driven by 'regulatory changes, technology adoption, changing consumer needs and inflow of international reinsurance capacity.'The UAE, he said, continues to lead in the Middle East in terms of insurance penetration. The total insurance premiums collected in the country amounted to 2.5% of its GDP, as compared to a regional average of 1.5%. Poised for continued innovation and risk diversification over the next five years, the UAE insurance sector 'aspired to expand at a compounded annual growth rate (CAGR) of 4.9% from $14.1 billion to $17.9 billion (Dh65.7 billion) in 2028," El Hout said. 'Market players continue investing in AI and digital solutions while expanding coverage offerings for emerging risks and challenging risks as well the new risks interconnectivity dynamics.'Health insurance remains the fastest-growing segment in the market, outpacing property and casualty (P&C), El Hout said.'This [trend] is driven by the implementation of mandatory health insurance regulations in Abu Dhabi and Dubai, and now boosted by the Northern Emirates. Furthermore, in January 2025, the Dubai Health Authority (DHA) increased the minimum health coverage requirements, further contributing to this growth. The rising utilisation of health insurance programmes ... has also led to increased premium volumes.'Health insurance demand is growing in the corporate and individual markets due to increased competition for employee benefits, broader coverage needs, and shifts toward preventative care in the post-pandemic world, according to a Marsh McLennan UAE companies are also offering custom-made insurance plans to tackle workforce-related challenges - from employee wellness and psychological health to staff turnover, El Hout added. The expert went on to shed light on how the regulatory landscape has evolved significantly for the country's insurance market.'The new mandates around consumer protection, data privacy/protection, money laundering, corporate governance, etc… are set to create more confidence in the market. It would be great to see market consolidations in the future creating players that can deliver more value to the clients and shareholders,' he said. Use of AI, Smart Tech Artificial intelligence and advanced analytics have been enhancing insurance providers' operations, particularly in claims management and fraud detection, El Hout said. 'Some insurers have started leveraging AI-driven platforms to automate claims processing, which reduces turnaround times and improves customer experiences. Additionally, predictive analytics is being gradually deployed to identify suspicious claim patterns and prevent fraudulent activity,' he the sector embraces digitalisation, however, new and 'mutating' risks are shaping the business strategies, El Hout said. 'Cybersecurity threats, supply chain vulnerabilities, and climate-related exposures are now at the forefront, prompting the creation of specialised products and risk assessment/mitigation models and solutions. The adoption of digital assets, new technologies and remote workforces has also introduced new risk considerations.'El Hout stressed the importance of constant reinvestment in technology and talent to improve the delivery of services and offer agile, customer-centric solutions. 'Continued investments in technology as well as in human capital are the key to success,' he said.
National News
16-04-2025
- Business
- National News
(UPDATE) Salam Launches Beirut Airport Road Rehabilitation Project
NNA – Prime Minister Nawaf Salam on Wednesday officially launched the rehabilitation project for the main access road to Beirut–Rafic Hariri International Airport, extending from the airport terminal to the ESCWA building in the heart of the capital. The launch ceremony took place at the Training and Conference Center of Middle East Airlines (MEA), with the participation of Ministers Fayez Rasamny (Public Works and Transport), Ahmad Hajjjar (Interior), and Laura Khazen Lahoud (Tourism), as well as MEA Chairman Mohammad El Hout, Director General of Civil Aviation Amin Jaber, Beirut Governor Marwan Abboud, Mount Lebanon Governor Mohammad Makawi, Secretary General of the Council of Ministers Mahmoud Makkieh, and senior officials from the airport and civil aviation sector. Also present were representatives from the engineering firm Khatib & Alami, the NGO Rebirth Beirut, and municipal leaders from the southern suburbs. The ceremony began with the Lebanese national anthem, followed by welcoming remarks from MEA's Head of Public Relations, Rima Makawi. MEA Chairman Mohammad El Hout then delivered a speech in which he warmly welcomed Prime Minister Salam and affectionately referred to MEA as 'his company,' recalling the historic ties between the Salam family and the airline. El Hout noted that Prime Minister Salam is a licensed pilot with a longstanding passion for aviation, sharing that his connection to MEA dates back to childhood. 'Your choice to launch this project from MEA, rather than the Grand Serail, is deeply appreciated,' he added. He went on to highlight MEA's role in supporting the country during difficult times, stating: 'After the ceasefire, and following the election of President Joseph Aoun and the formation of the new government, MEA was eager to contribute to this new chapter. The airline remained operational when other international carriers pulled out, preserving Lebanon's vital connection to the world.' El Hout also praised Minister Rasamny for his quick and effective engagement since assuming office, particularly their shared efforts to modernize the VIP lounge and improve access to the airport. He announced that MEA will finance the installation of road lighting in coordination with Rebirth Beirut, based on suggestions made by the minister. 'Naturally, the Board of Directors and I decided to proceed with the full rehabilitation of the road,' he said. He further commended the efforts of the Ministry of Interior, local governors, and municipalities in addressing the issue of unregulated advertisements along the road. Emphasizing that the initiative is purely aesthetic and apolitical, he clarified that most of the advertisements are commercial in nature, with only one exception. Concluding his remarks, El Hout thanked the Minister of Tourism for her continued efforts and reaffirmed MEA's commitment to working with the ministry, building on the successful cooperation initiated under former Minister Walid Nassar. Following the speeches, Ramadan Harb from Khatib & Alami presented a detailed plan for the road rehabilitation project. A video was also screened showcasing the upcoming renovation of the VIP lounge at the airport, designed by architect Joe Farah, with implementation expected to begin soon. In his address, Minister of Public Works and Transport Fayez Rasamny stated: 'It is a pleasure and an honor to be with you today, just 66 days after the formation of the government, to launch the rehabilitation project for the access road to Beirut–Rafic Hariri International Airport. From day one, we pledged to make Beirut Airport a dignified, modern gateway that reflects Lebanon's cultural identity, refined taste, and deep heritage. And that image would not be complete without the road that leads to it—our country's first impression, its welcoming face. This is no ordinary road. It carries the emotions of every Lebanese across its kilometers. It tells the story of a nation. It is the shared path of residents and expatriates alike—two wings of the same homeland. It is a journey before the journey, one taken with the heart—where tears of farewell become tears of return, where eyes light up when loved ones come home for the holidays, for new opportunities, or simply for reunion. Today's project goes beyond infrastructure. It is about restoring an emotional bond between the Lebanese people and their homeland. The project includes full rehabilitation of the road from the main airport terminal to the ESCWA headquarters. Works will involve comprehensive repaving and maintenance, installation of new lighting poles, upgrade of safety signage and crash barriers, servicing of electromechanical systems, and extensive landscaping. In parallel, we are rehabilitating the old airport road to ensure all access points are unified, upgraded, and worthy of Lebanon and its visitors. Standing here today, at the MEA headquarters near the airport, one cannot help but note the stark contrast between public facilities managed privately and those left solely to public institutions. During my first post-inspection visit, I jokingly told Mr. El Hout: 'Shall we switch roles?' A light-hearted comment that nonetheless expresses deep appreciation for MEA's model of public-private partnership—one that delivers results, ensures sustainability, and ultimately benefits the public good. While we're announcing this project today, it is by no means the last. Many more initiatives are underway, and we will keep you informed every step of the way. Thank you for being here, and thank you to everyone who still believes in Lebanon and works every day to keep its gateways open to hope.' Prime Minister Nawaf Salam also delivered a speech during the ceremony, underscoring both the symbolic and practical significance of the initiative. 'In recent months, we've held several meetings with Middle East Airlines, and our most important one will be in a few months when we celebrate MEA's 80th anniversary,' Salam said. 'Today's occasion, however, is equally meaningful. Like many Lebanese abroad, I always felt that MEA—through its offices, pilots, and crew—was a proud reflection of Lebanon, often rivaling our diplomatic missions. It truly represents Lebanon's beautiful face to the world, while also playing a critical domestic role.' The Prime Minister commended MEA for its role in upgrading airport facilities, including the VIP lounge, describing it as a model public-private partnership. 'MEA is a private company with shareholders, but it clearly operates in the public interest,' he noted. He also emphasized the importance of the airport road as the first impression for returning expatriates and visiting tourists, and praised the work undertaken by Khatib & Alami. He noted that meetings have already taken place with the ministers of defense and interior to strengthen road security. Salam concluded by congratulating MEA Chairman Mohammad El Hout and all the airline's employees for their continued efforts. Following the ceremony, Prime Minister Salam, accompanied by the Ministers of Tourism, Interior, and Public Works, as well as Chairman El Hout, toured various MEA departments. Staff members provided detailed briefings on the company's operations.
