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Mideast business confidence levels at all time high

DUBAI — The level of business confidence within the Middle East have never been higher, according to a recent survey of over 350 delegates from major oil, gas, energy and insurance companies. The delegates were taking part at a Middle East Energy Insurance seminar in Dubai last week.

With 65 per cent of the delegates believing that business confidence levels in the Middle East region had never been higher, only a fifth of respondents thought that terrorism was the most significant risk management issue.

A third of the energy insurance buyers polled now see transparency of their insurance arrangements as their number one risk management issue.

Energy insurance buyers seemed generally content with insurance products in the Middle East market with over 84 per cent agreeing that the industry understands their business needs, 80 per cent agreeing that the industry provides the required protection and coverage and 75 per cent agreeing that energy insurance represents good value for money.

Latif Al Rayes, chairman, Aon Middle East said: “With such high levels of confidence in doing business in the Middle East, we are well set for a period of tremendous growth. The role of insurance and risk management has never been as important as it is now in helping to support the massive energy projects currently underway."