BY SACHIN KUMAR
Doha: Doha Insurance, one of the major players in Qatar’s insurance market, is looking to expand its footprints outside Qatar, especially in other GCC (Gulf Cooperation Council) countries.
The insurer has already announced its plan to raise capital via rights issue which will help in its expansion plans.
“We are increasing our capital by about 100 percent to QR500m. Though it is early to say about our plans (on how to utilise money raised through rights issue) but we are looking definitely to expand outside of Qatar,” said Bassam Hussein, Chief Executive Officer, Doha Insurance.
“With our capital increase, our increased knowledge about the outside market hopefully the political turmoil in the Arab region will come to positive conclusion which will allow us to expand,” he said.
Currently, Doha Insurance gets major share of its business from Qatar and expanding to other countries will help to diversify its business.
On the outlook about the current year, the insurer feels that upcoming infrastructure projects will boost its business.
“We have to focus on where the money is. Currently money is in infrastructure and engineering. We have to focus and try to get our share from these projects,” said Hussein.
“Basically the growth will come from infrastructure projects such as rail and construction. The early indications (about 2014) are looking very good. We are very comfortable that things are moving very positively,” he added.
Last year was good for the insurer as its profit grew from QR61m to QR67m in 2013.
Doha Insurance also gets significant portion of its business from non-life sector.
“We do not have life business as it is not allowed by law. We are expecting these things to change,” said Hussein.