Dubai is set to team up with Samsung Life Insurance to launch an ‘alliance’ focused on emerging markets, reinforcing efforts by the emirate to act as a launch pad for Asian companies seeking to move into the Middle East.
Investment Corporation of Dubai, which oversees the emirate’s corporate assets, is set to sign a memorandum of understanding on Monday with South Korea’s largest life insurer.
One person close to ICD said the partnership – which could later be turned into a joint venture – would concentrate on selling life insurance products to the Middle East and north Africa, where penetration levels are low. Expansion into other emerging markets, including sub-Saharan Africa, could then follow.
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