Diplomatic Crisis leads to closure of UAE Branch of Qatar Insurance

Qatar Insurance Co. informed recently that its Abu Dhabi branch, open since 2002, would be shut due to non renewal of license, which is a sign of region’s diplomatic crisis has impact on long term effects on its economy. In response, the firm’s share price dropped 2.3 %; the branch earned gross premiums of about $30 million annually. Last month, major shipping and logistics group Qatar Navigation said it was shifting its regional hub from Dubai to the Omani port of Sohar because direct shipments between Jebel Ali and Doha were no longer possible.